Frontline plc. (FRO) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the second quarter 2025 Frontline PLC Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lars Barstad, CEO. Please go ahead. Thank you, Nicolas. Dear all, thank you for dialing into Frontland's quarterly earnings call. Shipping and tankers from our vantage point is still in the eye of the storm in relation to global conflict and trade policies. We have started to grow numb in respect of our industry's ability to regulate the ever-increasing parallel tank market, stealing margins from the law-abiding citizens of the tanker trade. But now we are hopefully seeing the contours of change, one being trade policy reflected in nations' behavior on crude sourcing, and the simple fact that global oil demand growth has surpassed what sanctioned molecules can satisfy. Meaning incremental oil demand and supply for that sake, its growth seems to benefit the compliant fleet, being the market frontline operator. So before I give the word to Inger, I'll run through RTC numbers on slide three in the deck. In the second quarter of 2025, Frontline achieved $43,100 per day on our VOC fleets, $38,900 per day on our SUSEMAX fleets, and $29,300 per day on our LR2 slash Afromax fleet. This is up from the first quarter of the year, but admittedly somewhat short of expectations. So far in the third...