Frontline plc. (FRO) Q4 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.138 Good day and thank you for standing by. Welcome to the fourth quarter 2025 Frontline 00:00:05.138 -- 00:00:09.986 PLC earnings conference call and webcast. At this time, all participants are in listen-only 00:00:09.986 -- 00:00:14.512 mode. After the speaker's presentation, there will be the question and answer session. 00:00:14.512 -- 00:00:19.539 To ask a question during the session, you need to press star 1 1 on your telephone keypad. 00:00:19.539 -- 00:00:23.025 You will then hear an automated message advising your hand is raised. 00:00:23.025 -- 00:00:26.510 To withdraw a question, please press star 1 and 1 again. 00:00:26.510 -- 00:00:29.663 Please be advised that today's conference is being recorded. 00:00:29.663 -- 00:00:32.566 I would now like to hand the conference over to our speaker today, Mr. 00:00:32.566 -- 00:00:36.169 Lars Bastad, CEO. Please go ahead. 00:00:36.169 -- 00:00:40.673 Thank you very much. Dear all, thank you for dialing in to Frontline's quarterly earnings 00:00:40.673 -- 00:00:45.858 call. In discussions with market actors in recent weeks, a 00:00:45.858 -- 00:00:52.244 recurring phrase has been heard. People basically saying, what a time to be alive. 00:00:52.244 -- 00:00:57.489 Frontline has been around through many cycles, but the tanking markets do actually evolve 00:00:57.489 -- 00:01:02.881 over time. We will argue that we've never been in a cycle like this, where indices 00:01:02.881 -- 00:01:09.489 and freight derivatives weigh so heavily in the freight pricing mechanism. 00:01:09.489 -- 00:01:13.654 This fuels almost violent moves as we proceed. 00:01:13.654 -- 00:01:15.797 For every $200,000 00:01:15.797 -- 00:01:18.040 per day fixture 00:01:18.040 -- 00:01:23.206 done physically, there is an...