Frontline plc. (FRO) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the fourth quarter 2025 Frontline PLC earnings conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star 1 1 on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw a question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our speaker today, Mr. Lars Bastad, CEO. Please go ahead. Thank you very much. Dear all, thank you for dialing in to Frontline's quarterly earnings call. In discussions with market actors in recent weeks, a recurring phrase has been heard. People basically saying, what a time to be alive. Frontline has been around through many cycles, but the tanking markets do actually evolve over time. We will argue that we've never been in a cycle like this, where indices and freight derivatives weigh so heavily in the freight pricing mechanism. This fuels almost violent moves as we proceed. For every $200,000 per day fixture done physically, there is an exponential number of contractual obligations that are triggered, giving this market a new dimension and very exciting dynamics. Before I give the word to Inger, I'll run through the TC numbers. So let's move to slide three in the deck. In the fourth quarter of 2025, Frontline achieved $74,200 per day on our VLC fleet, $53,800 per day on our SUSEMAX fleet, and $33,500 per day on our LR2 slash FRMAX fleet. So far in the first quarter of 26, 92% of our VLCC days are booked at $107,100 per day. 83% of our SUSEMAX days is booked at $76,700 per day, and 67...