- Frontline Ltd (NYSE:FRO) reported a second-quarter operating revenue increase of 76.7% year-over-year to $300.44 million.
- Reported spot TCEs for VLCCs, Suezmax tankers, and LR2 tankers in the second quarter of 2022 were $16,400, $26,500, and $38,600 per day, respectively.
- Adjusted EPS was $0.21, an improvement from $(0.12) in 2Q21.
- Net cash provided by operating activities year-to-date totaled $82.51 million, compared to $41.22 million a year ago.
- As of June 30, 2022, FRO had acquired 13.66 million shares in Euronav NV (NYSE:EURN). In April, Frontline and Euronav agreed on a stock-for-stock combination.
- Dividend: The company declared a dividend of $0.15 per share, payable on October 3, 2022, to shareholders of record date September 16, 2022.
- 3Q22 Outlook: Frontline estimates spot TCE on a load-to-discharge basis of $28,100 contracted for 73% of vessel days for VLCCs, $45,000 contracted for 73% of vessel days for Suezmax tankers, and $46,200 contracted for 62% of vessel days for LR2 tankers.
- Price Action: FRO shares are trading lower by 0.75% at $11.91 on the last check Thursday.
HBO Max Drops Teaser For Game Of Thrones Prequel: Could The Matt Smith-Starrer Show Give A Boost To The Streaming Service?
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