Frontline plc (the "Company", "Frontline," "we," "us," or "our"), today reported unaudited results for the three and twelve months ended December 31, 2025:
Highlights
Profit of $227.9 million, or $1.02 per share for the fourth quarter of 2025.
Adjusted profit of $230.4 million, or $1.03 per share for the fourth quarter of 2025.
Declared a cash dividend of $1.03 per share for the fourth quarter of 2025.
Reported revenues of $624.5 million for the fourth quarter of 2025.
Achieved average daily spot time charter equivalent earnings ("TCEs")1 for VLCCs, Suezmax tankers and LR2/Aframax tankers in the fourth quarter of $74,200, $53,800 and $33,500 per day, respectively.
Entered into agreements to sell eight of our oldest first-generation ECO VLCCs, built between 2015 and 2016 to an unrelated third party, for a total sales price of $831.5 million and to acquire nine latest generation scrubber-fitted ECO VLCC newbuildings from affiliates of Hemen Holding Limited, the Company's largest shareholder ("Hemen"), for an aggregate purchase price of $1,224.0 million.
Entered into one-year time charter-out agreements for seven of our VLCCs, built between 2016 to 2018, at an average rate of $76,900 per day.
Entered into a one-year time charter-out agreement for one of our VLCCs, built in 2019, at a rate of $93,500 per day.
Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:
"The fourth quarter of 2025 reinforced the positive momentum established in the third quarter. For several years, Frontline has maintained that the growing imbalance between oil demand growth and limited fleet supply would create a constructive market environment and the firm trend has carried into the first quarter of 2026. Periods of volatility tend to create opportunities, and Frontline has moved decisively, both in renewing its VLCC fleet and in securing attractive fixed revenue, as we enter what may prove to be an unprecedented period for the tanker industry. Our team brings decades of experience navigating comparable cycles, and Frontline's business model is set to capitalize on such environments, positioning the Company to generate material shareholder returns as we proceed."
Average daily TCEs and estimated cash breakeven rates
($ per day)
Spot TCE
Spot TCE currently contracted
% Covered
Estimated average daily cash breakeven rates for the next 12 months
2025
Q4 2025
Q3 2025
Q2 2025
Q1 2025
2024
Q1 2026
VLCC
47,200
74,200
34,300
43,100
37,200
43,400
107,100
92%
