Frontline Plc

FRO: 6-K · periodic report

Frontline plc reported first-half 2026 profit of $1.22 billion, up from $110.8 million a year earlier, with basic and diluted EPS of $5.47 versus $0.50. Total revenues nearly doubled to $1.66 billion, driven by a $671.8 million boost from higher market freight rates and $265.6 million of gains on vessel sales. The Board declared a quarterly dividend of $2.61 per share for the second quarter plus a special one-time dividend of $0.80 per share following the $270.0 million sale of two VLCCs, with both payable on or about September 28, 2026. Frontline paid $574.4 million in cash dividends during the first half. The fleet stood at 73 vessels as of June 30, 2026, and the company is acquiring nine scrubber-fitted ECO VLCC newbuildings from affiliates of its largest shareholder Hemen for $1,224.0 million, with $601.1 million of the price still to be paid. Second and third quarter refinancings cut the weighted average interest rate margin by roughly 52 basis points to 126 bps, and $1,242.2 million remains available and undrawn under revolving credit facilities. An overhang remains from Belgian court proceedings in which funds managed by FourWorld Capital Management are seeking rescission of the former Euronav transactions with CMB.TECH NV and damages from CMB and Frontline, with the case expected to proceed to the merits stage.

SEC 6-K•1mo ago

FRO: 6-K · earnings release

Frontline plc reported its best quarterly profit ever of $659.2 million, or $2.96 per share, for Q2 2026, with adjusted profit of $580.2 million ($2.61 per share) also a company record. Revenues reached $943.3 million versus $480.1 million a year earlier, on spot TCEs of $152,700 per day for VLCCs, $111,500 for Suezmax and $92,400 for LR2/Aframax tankers. The Board declared a $2.61 per share cash dividend payable on or about September 28, 2026, and plans an additional $0.80 per share special dividend once the $270.0 million sale of two 2017-built VLCCs closes, returning roughly $179.0 million of net proceeds to shareholders. Frontline cut its weighted average interest rate margin by about 52 bps to 126 bps through refinancings of up to $1,061.8 million and margin reductions on facilities totaling up to $1,493.8 million. The company still faces $601.1 million of remaining commitments on nine $1,224.0 million ECO VLCC newbuildings bought from Hemen affiliates, and expects full Q3 spot TCEs to come in below currently contracted levels due to ballast days.

SEC 6-K•1mo ago

FRO: 6-K · earnings release

Frontline plc reported a strong first quarter of 2026, with profit surging to $559.1 million ($2.51 per share) from $227.9 million in the prior quarter, driven by elevated spot charter rates and a $210.9 million gain from selling eight older VLCCs. Adjusted profit reached $344.9 million ($1.55 per share), the highest level since Q4 2004, reflecting robust operational performance with VLCC spot TCEs averaging $103,500 per day amid Middle East geopolitical disruptions that tightened vessel supply. The company declared a $1.55 per share dividend and executed significant fleet renewal, acquiring nine new scrubber-fitted VLCCs from its largest shareholder Hemen Holding for $1.224 billion, partially financed by new debt facilities totaling $737 million at attractive SOFR-based rates.

SEC 6-K•4mo ago