Frontline reports strong Q3 profit, strategic debt prepayment optimizes fleet

Frontline plc reported a profit of $40.3 million, or $0.18 per share, for Q3 2025, with adjusted profit reaching $42.5 million, or $0.19 per share. The company declared a cash dividend of $0.19 per share. Total revenues for the quarter were $432.7 million. Frontline achieved average daily spot time charter equivalent (TCE) earnings of $34,300 for VLCCs, $35,100 for Suezmax tankers, and $31,400 for LR2/Aframax tankers.

A significant financial move saw the conversion of seven credit facilities, totaling $405.5 million in outstanding term loan balances, into revolving reducing credit facilities of up to $493.4 million. This was followed by prepayments of $374.2 million, reducing the fleet's average cash break-even rates by approximately $1,300 per day for the next 12 months. The company also sold its oldest Suezmax tanker for $36.4 million, generating net cash proceeds of $23.7 million.

As of September 30, 2025, Frontline's fleet consisted of 80 ECO vessels, with an average age of 7.2 years. The company anticipates strong fundamentals to persist, driven by expanding oil supply, longer hauls, and tighter compliance requirements in the crude tanker market.