Frontline reports strong Q2 profit, declares $0.36 dividend

Frontline plc reported a profit of $77.5 million, or $0.35 per share, for the second quarter of 2025, with an adjusted profit of $80.4 million, or $0.36 per share. The company declared a cash dividend of $0.36 per share for the quarter, following total revenues of $480.1 million. Average daily spot TCE earnings were achieved at $43,100 for VLCCs, $38,900 for Suezmax tankers, and $29,300 for LR2/Aframax tankers.

Strategic financial moves included entering a $1,286.5 million senior secured term loan facility in April 2025 to refinance outstanding debt on 24 VLCCs, aiming to reduce the margin. Frontline also agreed to sell its oldest Suezmax tanker for $36.4 million, expecting net cash proceeds of approximately $23.7 million and a gain of around $6.0 million in Q3 2025.

Chief executive Lars H. Barstad noted a volatile but strong quarter, citing geopolitical tensions and increased oil trade inefficiencies as factors affecting the tanker market. Frontline anticipates sustained utilization for its spot-exposed fleet in the seasonal high-demand period, supported by an aging global tanker fleet with muted new deliveries and recycling activity.