Frontline Plc Overview
Key identifiers
| Field | Detail | Source / Note |
|---|---|---|
| Legal name | Frontline plc | 20-F FY2025; company releases 2026 |
| Former names | Frontline Ltd. (Bermuda, 1997–2022); Frontline AB (Sweden, pre-1997) | Company history; 20-F |
| Founding year | 1985 (Frontline AB, Sweden) | Data aggregator profile; company history |
| Incorporation jurisdiction | Republic of Cyprus (redomiciled from Bermuda, end-2022) | 20-F FY2022/FY2023 |
| Headquarters address | Iris House, 8 John Kennedy Street, Office 740B, 3106 Limassol, Cyprus | Company contact data via aggregator |
| Commercial management | Frontline Management AS, Oslo, Norway (CEO and CFO employed here) | Quarterly releases (signature block) |
| Stock exchanges / tickers | New York Stock Exchange: FRO; Oslo Børs (Euronext Oslo): FRO | Company releases ("NYSE: FRO – OSE: FRO") |
| ISIN | CY0200352116 (current Cyprus share); legacy Bermuda ISIN BMG3682E1921 | Supplied list; legacy ISIN cited by finanzen.ch |
| CUSIP | — | — |
| SEC CIK | 0,000,913,290 | SEC EDGAR |
| SEC filer status | Foreign private issuer; files 20-F (annual) and 6-K (interim); Large Accelerated Filer | SEC EDGAR |
| NYSE listing date | 6 August 2001 | Exchange/aggregator data |
| Fiscal year end | 31 December | 20-F |
| Employees (latest) | Approx. 83 (group-level, per data aggregator); the company is asset-heavy and people-light, with technical management and crewing largely outsourced | Aggregator; 20-F business description |
| Employees 3-year trend | not publicly disclosed in a verifiable consistent series | — |
| Auditor | PricewaterhouseCoopers (Norwegian member firm historically engaged); confirm firm entity in FY2025 20-F | 20-F (historical) — flagged for verification |
| Shares outstanding | 222.62 million ordinary shares (as of 31 March 2026) | Q1 2026 release |
| Share price | USD 59.04 (NYSE close, 13 October 2026) | Yahoo Finance quote |
| Market capitalisation (derived) | Approx. USD 13.1 billion (222.62M × USD 59.04) | Derived |
| Website | www.frontlineplc.cy (legacy www.frontline.bm) | Q2 2026 webcast invitation |
| Largest shareholder | Hemen Holding Limited (John Fredriksen-related trusts) | Fleet renewal announcement, 8 Jan 2026 |
Frontline plc is one of the world's largest listed owners of large crude and product tankers, operating a modern, fuel-efficient ("ECO") fleet of very large crude carriers (VLCCs), Suezmax tankers and LR2/Aframax product tankers. Following the 2023–24 acquisition of 24 VLCCs from Euronav and a 2026 fleet-renewal programme that replaced first-generation ECO VLCCs with latest-generation scrubber-fitted newbuildings, Frontline will operate a 77-vessel fleet of approximately 17.1 million dwt once pending transactions complete. The company's model is deliberately spot-market-oriented and operationally lean: a small commercial team in Oslo, outsourced technical management, low cash breakevens (about USD 24,000 per day in early 2026) and a payout policy that distributes essentially all adjusted earnings as quarterly dividends. This structure gives shareholders highly leveraged exposure to tanker freight rates. In 2026 that leverage has been dramatically realised: Middle East disruption and Strait of Hormuz transit restrictions pushed Frontline to its most profitable quarter in history in Q2 2026.
What the company does
Frontline is an international shipping company engaged primarily in the ownership and operation of oil and product tankers. It provides seaborne transportation of crude oil and refined petroleum products, and its activities include vessel chartering, vessel purchase and sale, and related operational management. In its latest annual filing, the company describes itself as operating across the VLCC, Suezmax and LR2/Aframax segments through ship-owning subsidiaries, with a centralised management structure (Frontline Management) and with technical management and crewing outsourced to third-party and related-party managers. Its vessels trade worldwide in the spot and time-charter markets and are registered under several flags, with subsidiaries in Cyprus, Bermuda, the Marshall Islands, Liberia, Norway, the UK, China and Singapore (20-F summary, filing dated 7 April 2025).
Business and revenue model
| Revenue component | Description | Relative weight |
|---|---|---|
| Voyage charter (spot) revenue | Freight earned per voyage, recognised on a load-to-discharge basis; Frontline bears voyage costs (bunkers, port, canal) | Dominant — the fleet is described by management as "spot-focused" |
| Time charter revenue | Daily hire from charterers for fixed periods (typically one year in recent fixtures); charterer bears voyage costs | Rising in 2025–26 as management locked in visibility at elevated rates |
| Other operating income | Management fees, commissions, gains on vessel sales (reported separately below revenue), other | Minor in revenue terms; vessel sale gains material to profit in 2026 |
There is no product, subscription or licensing revenue. Frontline sells transportation capacity (vessel-days). Revenue is a function of fleet size × available days × time-charter-equivalent (TCE) rates, which are set by the freight market.
Recent shift toward time charter cover. In Q4 2025 Frontline fixed seven 2016–2018-built VLCCs on one-year time charters at an average of USD 76,900/day and a 2019-built VLCC at USD 93,500/day. In Q1 2026 it fixed two newbuild VLCCs (delivered 30 April and 20 May 2026) at USD 110,000/day for one year, and later two further newbuilds (delivered 22 June and 3 July 2026) at USD 120,000/day for one year. Management explicitly stated in Q2 2026 that it had an increased focus on securing revenue visibility at historically high levels.
Value-chain position
Frontline sits in the midstream logistics layer of the oil value chain: between upstream producers/traders (who sell crude FOB at load ports) and refiners/importers (who receive it). It does not own cargo and takes no commodity price risk on cargoes, but it is exposed to bunker fuel price movements on spot voyages (partially mitigated by scrubbers on part of the fleet).
Customer types and end-markets
| Customer type | Examples (generic) | Typical contract |
|---|---|---|
| Oil majors | Integrated oil companies | Spot voyages; occasional time charters |
| National oil companies | Middle Eastern, West African, Latin American producers | Spot voyages |
| Commodity trading houses | Global oil traders | Spot and period charters |
| Refiners / state importers | Asian refiners (China, India, Korea, Japan) | Spot voyages; time charters |
Named customer concentration is not publicly disclosed in this research. The principal end-markets are global crude oil trade (VLCC and Suezmax) and refined products/dirty products trade (LR2/Aframax), with the long-haul Atlantic-to-Asia and Middle East-to-Asia crude routes being the core VLCC earnings driver.
Independent characterisation
Frontline is best understood as a listed, high-payout, spot-levered freight-rate vehicle with institutional-grade cost discipline. Three features distinguish it from peers:
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Scale with simplicity. Around 77–81 vessels managed with fewer than ~100 group employees, implying very low G&A per vessel-day.
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Capital recycling within the Fredriksen ecosystem. Major fleet moves (the Euronav VLCC purchase, the nine newbuild contracts in 2026) have been executed with or alongside Hemen-related entities, providing speed and bargaining power but also raising related-party governance questions.
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Pass-through dividend policy. Quarterly dividends have tracked adjusted EPS one-for-one in recent quarters (Q4 2025: USD 1.03; Q1 2026: USD 1.55; Q2 2026: USD 2.61), making the stock a direct income proxy for the tanker cycle.
Strategy
Stated strategy (themes from recent annual report, releases and calls)
Management's recurring strategic themes, paraphrased from Frontline's releases and calls:
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Spot-market leverage with a low breakeven. Maintain a modern ECO fleet with cash breakevens around USD 24,000/day so the company generates cash through the cycle and captures upside in strong markets.
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Fleet modernisation without adding supply. Replace older vessels with latest-generation units, preferably via resale or acquisitions rather than new orders, so total industry fleet supply is not increased. The January 2026 transaction was framed explicitly around increasing VLCC exposure without adding vessel supply.
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VLCC concentration. Increase weight toward the VLCC segment, which management sees as having the strongest supply-demand imbalance.
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Cost leadership and scalability. A lean commercial platform able to absorb large fleet additions (e.g., 24 Euronav VLCCs) with minimal incremental overhead.
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Shareholder distributions. Pay out a high proportion of adjusted earnings as quarterly dividends.
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Balance-sheet optimisation. Extend maturities (no meaningful maturities until 2030 as of Q3 2025), reduce margins, and use revolving structures to manage liquidity.
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Opportunistic revenue visibility. In extraordinary markets, lock in a portion of earnings via one-year time charters at historically high rates.
Strategic initiatives — last 24 months
| Date | Initiative | Detail | Status |
|---|---|---|---|
| Feb 2025 | Refinancing | USD 239.0M facilities refinancing 2025 balloons of USD 142.0M; USD 91.9M RCF capacity | Completed |
| Q3 2025 | Liquidity restructuring | USD 405.5M of term loans converted into RCFs of up to USD 493.4M; USD 374.2M prepaid; ~USD 1,300/day breakeven reduction | Completed |
| Q3 2025 | Disposal | Oldest Suezmax (2011-built) sold for USD 36.4M; net cash USD 23.7M; gain USD 5.9M | Completed |
| Q4 2025 | Time-charter programme | Eight VLCCs fixed for one year (seven at avg USD 76,900/day; one at USD 93,500/day) | In force |
| 8 Jan 2026 | Fleet renewal | Sale of eight first-generation ECO VLCCs (2015–16-built) for USD 831.5M; net cash ≈USD 486M; acquisition of nine scrubber-fitted ECO VLCC newbuilds for USD 1,224.0M from a Hemen affiliate | Sales completed Q1 2026 (gain USD 210.9M); six newbuilds delivered by Aug 2026; three pending |
| Q1–Q2 2026 | Newbuild financing | Financing of up to USD 737M arranged | Arranged |
| Q1–Q3 2026 | Newbuild time charters | Two at USD 110,000/day; two at USD 120,000/day (one year each) | In force |
| Q2 2026 | Suezmax disposals | Two oldest Suezmaxes (2014 and 2015-built) delivered to buyers; gain USD 54.7M | Completed |
| Q2–Q3 2026 | Margin reduction/refinancing | Weighted average margin from 178 bps to 126 bps | Completed Q3 2026 |
| Q3 2026 | VLCC disposals | Two VLCCs sold; net cash ≈USD 179M; expected Q3 gain ≈USD 110M | Deliveries early Aug and early Sep 2026 |
Sustainability commitments
The fleet-renewal announcement framed the newbuild programme as tangible progress toward improved fuel efficiency and reduced carbon emissions. for detail.
Medium-term financial targets
Frontline does not publish medium-term revenue, margin or EPS targets. Its guidance consists of quarterly disclosures of spot TCEs contracted so far for the current quarter, percentage of days covered, and estimated 12-month cash breakevens. Management repeatedly cautions that full-quarter spot TCEs will be lower than those contracted at the reporting date due to ballast days.
Products & Services
Frontline's "products" are vessel-days on three tanker classes. Each class is profiled below.
VLCC (Very Large Crude Carrier) service
| Attribute | Detail |
|---|---|
| Description | Crude oil carriers of roughly 300,000 dwt, carrying about 2 million barrels per voyage |
| Key routes | Middle East Gulf → Asia; US Gulf/Brazil/West Africa → Asia; Atlantic basin long-haul |
| Fleet count (pro forma) | 40 vessels after pending transactions |
| Specification highlights | ECO designs; newbuilds are latest-generation scrubber-fitted ECO VLCCs built at Hengli (six) and Dalian (three) shipyards in China |
| Newbuild delivery schedule | 30 Apr 2026, 20 May 2026, 22 Jun 2026, 3 Jul 2026, 18 Aug 2026, 26 Aug 2026; two in Q4 2026; one in Q1 2027 |
| Target customers | Oil majors, NOCs, traders, Asian refiners |
| Pricing model | Spot voyage freight (Worldscale/lump sum converted to TCE); one-year time charters |
| Flagship recent pricing | Time charters at USD 76,900/day (7 vessels, Q4 2025), USD 93,500/day (1 vessel, Q4 2025), USD 110,000/day (2 newbuilds, Q1 2026), USD 120,000/day (2 newbuilds, mid-2026) |
| Latest spot earnings | USD 152,700/day (Q2 2026); 86% of Q3 2026 days booked at USD 156,900/day (per Q2 2026 call) |
| Q1 2026 OpEx | USD 11,300/day |
| Cash breakeven (next 12 months, as of Q1 2026) | USD 24,300/day |
Suezmax service
| Attribute | Detail |
|---|---|
| Description | Crude carriers of roughly 150,000–160,000 dwt (≈1 million barrels), the largest size able to transit the Suez Canal laden |
| Key routes | West Africa → Europe/US; Black Sea/Med; Americas → Europe/Asia; flexible crude and dirty product trades |
| Fleet count (pro forma) | 19 vessels (after sale of oldest 2011-built unit in Q3 2025 and two 2014/2015-built units in Q2 2026) |
| Target customers | Traders, European and Asian refiners, NOCs |
| Pricing model | Predominantly spot voyages |
| Latest spot earnings | USD 111,400/day (Q2 2026); 79% of Q3 2026 days booked at USD 117,400/day |
| Q1 2026 OpEx | USD 9,100/day |
| Cash breakeven | USD 24,300/day (as of Q1 2026) |
LR2/Aframax service
| Attribute | Detail |
|---|---|
| Description | 105,000–115,000 dwt tankers; LR2s are coated and can carry clean refined products (naphtha, jet, diesel) as well as dirty cargoes/crude when trading as Aframaxes |
| Key routes | Middle East → Asia/Europe (clean); intra-Asia; Caribbean/US Gulf; North Sea/Baltic (crude) |
| Fleet count | 18 vessels |
| Target customers | Product traders, refiners, oil majors |
| Pricing model | Spot voyages; flexibility to switch between clean and dirty trades |
| Latest spot earnings | USD 92,400/day (Q2 2026); 70% of Q3 2026 days booked at USD 81,000/day |
| Q1 2026 OpEx | USD 10,900/day |
| Cash breakeven | USD 23,600/day (as of Q1 2026) |
Ancillary services
| Service | Description | Disclosure |
|---|---|---|
| Vessel sale and purchase | Opportunistic disposal of older tonnage and acquisition of modern tonnage | Gains: USD 17.9M (Q4 2024), USD 5.9M (Q3 2025), USD 210.9M (Q1 2026), USD 54.7M (Q2 2026), ≈USD 110M expected (Q3 2026) |
| Management services | Commercial/administrative services to related parties | Immaterial; not separately quantified |
Financial Narrative
Income statement (annual)
Sources and notes: - FY2021 and FY2022: US GAAP releases (6-K 17 Feb 2022; 6-K 28 Feb 2023). FY2022 IFRS 20-F comparatives: revenues USD 1,430.2M, net operating income USD 445.6M, basic EPS USD 2.22; FY2021 IFRS basic EPS USD -0.08.
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FY2023: FY2023 20-F / Q4 2023 release (net income USD 656.4M; EPS USD 2.95).
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FY2024: FY2024 results as summarised from the 20-F (revenue ≈USD 2.05B; net income USD 495.6M; EPS USD 2.23).
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FY2025: sum of quarterly profits (33.3 + 77.5 + 40.3 + 227.9 = 379.0), matching USD 379.08M per the annual report filed 30 March 2026. FY2025 EPS derived as the sum of quarterly EPS (0.15 + 0.35 + 0.18 + 1.02).
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Dividends by fiscal year are the sum of dividends declared for each quarter of that year: FY2022 (Q2 0.15, Q3 0.30, Q4 0.77); FY2023 (Q1 0.70, Q2 0.80, Q3 0.32, Q4 0.37); FY2024 (Q1 0.62, Q2 0.62, Q3 0.32, Q4 0.20); FY2025 (Q1 0.18, Q2 0.36, Q3 0.19, Q4 1.03).
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Gross profit and EBITDA are not reported by Frontline in a standard form; Frontline reports TCE earnings and net operating income. Annual EBITDA is therefore marked not publicly disclosed.
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Revenue CAGR FY2021–FY2025 (derived): (1965.4 / 749.4)^(1/4) − 1 ≈ 27.3%. Revenue CAGR FY2022–FY2025 (derived): ≈11.2%.
Commentary. The five-year record traces one full tanker cycle and the start of another. FY2021 was the post-COVID trough, when inventory draws crushed rates (Q4 2021 VLCC spot TCE of just USD 16,500/day) and Frontline lost money. FY2022 marked the inflection as Russia's invasion of Ukraine reorganised crude and product trade over longer distances; revenue nearly doubled and net income swung to USD 472.7M. FY2023 was the strongest year in 15 years. Revenue then kept growing in FY2024 thanks to the larger fleet after the Euronav VLCC purchase, but net income fell about 25% as rates softened through the second half (Q4 2024 was described by management as unusually soft). FY2025 was a year of two halves: very weak profits in Q1–Q3 (USD 33–78M per quarter) followed by a sharp Q4 recovery (USD 227.9M).
Quarterly income statement — recent eight quarters (cycle inflection)
Sources: Quarterly releases (6-K) for each period; Q1 2026 TCE earnings from Q1 2026 call highlights; Q2 2025 EPS derived (77.5 / 222.6M shares).
Commentary. H1 2026 profit of USD 1,218.3M (derived: 559.1 + 659.2) already exceeds any full fiscal year in the five-year record. Reported profit in Q1 2026 was inflated by a USD 210.9M gain on the sale of eight VLCCs; adjusted profit (which excludes such gains, synthetic option revaluations and similar items) is the cleaner earnings measure and also drives the dividend. Q2 2026 adjusted profit increased USD 235.3M quarter-on-quarter, primarily from higher TCE earnings. Q2 2026 revenue was up 96.5% year-on-year.
Balance sheet
Sources: FY2025 annual report (filed 30 Mar 2026) via aggregator; FY2024 Q4 release (cash USD 413.5M); FY2021 Q4 release (cash "over USD 115M").
Interim balance-sheet points (2025–2026):
Sources: Q3 2025 summary; Q1 2026 call; Q2 2026 results summary.
The decline in cash between March and June 2026 reflects delivery instalments on four newbuild VLCCs (the payment schedule was weighted towards delivery), dividend payments (USD 1.55/share in June) and debt prepayments, partially offset by record operating cash flow. Frontline secured newbuilding financing of up to USD 737M (Q1 2026 call). Goodwill and intangibles are not material for Frontline (it is a pure vessel-owning company).
Cash flow
Sources: FY2021 and FY2024 Q4 releases (operating cash flow USD 62.9M and USD 736.4M; FY2023 comparative USD 856.2M).
Frontline has not run a material share buyback programme in recent years; capital return is almost entirely through dividends.
Ratios (derived where shown)
Operating efficiency indicators (Q1 2026):
Financing cost trend: Weighted average interest margin cut from 178 bps (end-Q1 2026) to 126 bps (after refinancing completed in Q3 2026), a reduction of about 52 bps. The Q3 2025 debt restructuring had already reduced cash breakevens by approximately USD 1,300/day.
Cash generation potential: At Q1 2026 TCE rates, management estimated annual cash generation potential of about USD 1.5B, or roughly USD 7 per share, equivalent to an 18% cash-flow yield at the then share price (Q1 2026 call). At Q2–Q3 2026 booked rates the figure would be materially higher.
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Segment (As Reported) Overview
| Segment (as reported) | Contents | Services | Revenue share |
|---|---|---|---|
Tankers | VLCCs, Suezmax tankers, LR2/Aframax tankers | Spot voyage chartering, time chartering, vessel S&P | 100% |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Tankers segment revenue (USD Mn) | 749.4 | 1,430.2 | 1,826.4 | 2,050.0 | 1,965.4 |
YoY growth (%) | -38.6 | 90.8 | 27.7 | 12.2 | -4.1 |
Share of total revenue (%) | 100 | 100 | 100 | 100 | 100 |
Revenue by Segment (USD)
| Vessel class | Q4 2021 | Q3 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
VLCC spot TCE (USD/day) | 16,500 | 34,300 | 103,500 | 152,700 |
Suezmax spot TCE (USD/day) | 14,200 | 35,100 | 72,400 | 111,400 |
LR2/Aframax spot TCE (USD/day) | 13,900 | 31,400 | 50,700 | 92,400 |
Segment Revenue
| Vessel class | 31 Dec 2024 | Post Jan-2026 renewal (pro forma) | End-Q1 2026 (on water) | Pro forma after all pending 2026–27 transactions |
|---|---|---|---|---|
VLCC | 41 | 42 | 33 | 40 |
Suezmax | 22 | 21 | 21 | 19 |
LR2/Aframax | 18 | 18 | 18 | 18 |
Total vessels | 81 | 81 | 72 | 77 |
Group Entities
| Entity | Jurisdiction | Function |
|---|---|---|
Frontline plc | Cyprus | Listed parent and holding company |
Frontline Management AS | Norway (Oslo) | Commercial management, chartering, finance, executive management (CEO, CFO) |
Frontline Management (Bermuda) / corporate entities | Bermuda | Legacy corporate and administrative functions |
Ship-owning SPVs | Marshall Islands, Liberia, Cyprus and others | Vessel ownership and financing |
Other subsidiaries | UK, China, Singapore | Support and regional functions (per 20-F subsidiary list) |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total revenues (USD Mn) | 749.4 | 1,430.2 | 1,826.4 | 2,050.0 | 1,965.4 |
Net operating income (USD Mn) | 12.2 | 442.8 | — | — | — |
Pre-tax income (USD Mn) | -6.5 | 473.1 | — | — | — |
Net income attributable (USD Mn) | -11.1 | 472.7 | 656.4 | 495.6 | 379.0 |
Basic EPS (USD) | -0.06 | 2.21 | 2.95 | 2.23 | 1.70 |
Diluted EPS (USD) | -0.06 | 2.21 | 2.95 | 2.23 | 1.70 |
Dividends declared for fiscal year (USD/share) | 0 | 1.22 | 2.19 | 1.76 | 1.76 |
Net margin (%) | -1.5 | 33.1 | 35.9 | 24.2 | 19.3 |
Operating margin (%) | 1.6 | 31.0 | — | — | — |
Income Statement and Per-Share Data (Quarterly)
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|
Revenues (USD Mn) | 425.6 | 428.1 | 480.1 | 432.7 | 624.5 | 714.2 | 943.3 |
Profit (USD Mn) | 66.7 | 33.3 | 77.5 | 40.3 | 227.9 | 559.1 | 659.2 |
Adjusted profit (USD Mn) | 45.1 | 40.4 | 80.4 | 42.5 | 230.4 | 344.9 | 580.2 |
EPS (USD) | 0.30 | 0.15 | 0.35 | 0.18 | 1.02 | 2.51 | 2.96 |
Adjusted EPS (USD) | 0.20 | 0.18 | 0.36 | 0.19 | 1.03 | 1.55 | 2.61 |
Dividend declared (USD/share) | 0.20 | 0.18 | 0.36 | 0.19 | 1.03 | 1.55 | 2.61 |
TCE earnings (USD Mn) | 249.4 | — | 283.0 | 248.2 | — | 536.5 | — |
Balance Sheet
| Metric | FY2021 | FY2024 | FY2025 |
|---|---|---|---|
Total assets (USD Mn) | — | — | 5,750 |
Total liabilities (USD Mn) | — | — | 3,240 |
Total equity (USD Mn) | — | — | 2,510 |
Cash and cash equivalents (USD Mn) | 115 | 413.5 | — |
Balance Sheet (30 Sep 2025–30 Jun 2026)
| Metric | 30 Sep 2025 | 31 Mar 2026 | 30 Jun 2026 |
|---|---|---|---|
Cash and cash equivalents (USD Mn) | 819 | 945 | 321.4 |
Total liabilities (USD Mn) | — | — | 2,700 |
Newbuilding commitments (USD Mn) | 0 | 925 | — |
Cash Flow and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 62.9 | — | 856.2 | 736.4 | — |
Dividends declared per share (USD) | 0 | 1.22 | 2.19 | 1.76 | 1.76 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2025 | Basis |
|---|---|---|
ROE (%) | 15.1 | Net income 379.0 / year-end equity 2,510 (derived) |
ROA (%) | 6.6 | Net income 379.0 / year-end total assets 5,750 (derived) |
Liabilities / equity (x) | 1.29 | 3,240 / 2,510 (derived) |
Equity / assets (%) | 43.7 | 2,510 / 5,750 (derived) |
Asset turnover (x) | 0.34 | Revenue 1,965.4 / total assets 5,750 (derived) |
Financial Analysis
| Indicator | VLCC | Suezmax | LR2/Aframax |
|---|---|---|---|
OpEx (USD/day) | 11,300 | 9,100 | 10,900 |
Cash breakeven, next 12 months (USD/day) | 24,300 | 24,300 | 23,600 |
Trade Lane Details
| Trade lane | Vessel classes | 2025–26 direction | Driver |
|---|---|---|---|
Middle East Gulf → Asia | VLCC, LR2 | Disrupted (2026) | Strait of Hormuz restrictions from March 2026 disrupted crude flows and reshaped trading patterns (Q1 2026 release) |
US Gulf / Brazil / Guyana → Asia | VLCC | Growing | Atlantic-basin supply growth; longer hauls replacing Gulf barrels; US crude exports to South Korea and others rising |
West Africa → Europe/Asia | Suezmax, VLCC | Firm | Replacement of Russian barrels in Europe; Asian demand |
Intra-Atlantic / Med | Suezmax, Aframax | Firm | Sanctions-driven re-routing since 2022 |
Middle East → Europe (products) | LR2 | Volatile | Red Sea diversions around the Cape since 2024; Hormuz in 2026 |
Share Price History
| Date | NYSE price (USD) | Source |
|---|---|---|
23 Mar 2026 | 32.17 | Simply Wall St |
4 Apr 2026 | 36.60 | Simply Wall St |
9 Apr 2026 | 36.33 | Market report |
24 Jul 2026 | 39.28 | Equibles |
13 Oct 2026 | 59.04 | Yahoo Finance |
Period | Performance | Note |
Year-to-date 2026 | Strongly positive; weekly gains included +21.4% (week to 9 Jan) and +15.9% (week to 12 Jun) | Weekly returns data |
1-year total shareholder return | Above 100% (113% as of March 2026; higher since) | Simply Wall St (Mar 2026) |
Valuation Snapshot
| Metric | Value | Calculation |
|---|---|---|
Market cap | ≈USD 13.1B | 222.62M × USD 59.04 |
TTM EPS | USD 6.67 | Q3 2025 (0.18) + Q4 2025 (1.02) + Q1 2026 (2.51) + Q2 2026 (2.96) |
TTM P/E | ≈8.9x | 59.04 / 6.67 |
TTM adjusted EPS | USD 5.38 | 0.19 + 1.03 + 1.55 + 2.61 |
P/E on adjusted EPS | ≈11.0x | 59.04 / 5.38 |
TTM revenue | USD 2,714.7M | 432.7 + 624.5 + 714.2 + 943.3 |
P/S | ≈4.8x | 13.1B / 2.71B |
P/B (on FY2025 year-end equity) | ≈5.2x | 13.1B / 2.51B (book value has risen in 2026, so the current ratio is lower) |
EV/Sales (upper-bound proxy) | ≈5.7x | EV ≈ 13.1B + 2.7B total liabilities − 0.32B cash; liabilities used as a conservative proxy for debt |
EV/EBITDA | — | EBITDA not reported |
“—” = not publicly disclosed.
Analyst Ratings & Targets
| Date | Broker | Action | Target (USD) |
|---|---|---|---|
Jan 2026 | Clarksons | Upgrade to Buy (from Neutral) | 28.33 |
Early 2026 | Evercore ISI | Raised target (Outperform) | 26 (from 22) |
Early 2026 | BTIG | Raised target | 35 (from 30), then 45 (from 42) |
22 Apr 2026 | Evercore ISI | Downgrade to In Line | 38 (from 46) |
| 2026 | Danske Bank | Downgrade to Hold | 39.46 |
| 2026 | Pareto | Downgrade to Hold | 40 |
24 Jun 2026 | BTIG | Raised target | 55 (from 45) |
Per-Share Data and Returns & Leverage Ratios (%)
| Metric | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
Dividend per share (USD) | 0.19 | 1.03 | 1.55 | 2.61 |
Adjusted EPS (USD) | 0.19 | 1.03 | 1.55 | 2.61 |
Payout of adjusted EPS (%) | 100 | 100 | 100 | 100 |
Credit Ratings
| Agency | Rating |
|---|---|
Moody's | not rated (no public issuer rating identified) |
S&P Global | not rated (no public issuer rating identified) |
Fitch | not rated (no public issuer rating identified) |
Analyst Conclusions
Management guidance (Q2 2026 call, 28 Aug 2026)
| Vessel class | Share of Q3 2026 days booked (%) | Booked spot TCE (USD/day) |
|---|---|---|
| VLCC | 86 | 156,900 |
| Suezmax | 79 | 117,400 |
| LR2/Aframax | 70 | 81,000 |
Management cautioned that full-quarter spot TCEs would be lower than the contracted figures because of ballast days, and stated that it intends to keep capitalising on the strong market while increasing revenue visibility. A Q3 2026 vessel-sale gain of about USD 110M is also expected.
Indicative Q3 2026 framing (analyst, not guidance). With VLCC bookings above the Q2 average (USD 156,900 vs USD 152,700/day) and Suezmax bookings higher too (USD 117,400 vs USD 111,400/day), Q3 2026 adjusted earnings could be broadly comparable to Q2, before the vessel-sale gain. The final outcome depends on ballast days and on the rate achieved for the remaining unfixed days. Consensus estimates for Q3 2026 and FY2026 are not publicly disclosed in sources reviewed.
Bull case
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Structural tightness outlasts Hormuz. Even if the strait reopens, the combination of an ageing global fleet, sanctions-constrained capacity and longer Atlantic-to-Asia hauls could keep VLCC rates well above Frontline's USD 24,300/day breakeven. At Q1 2026 rates, management already estimated USD 1.5B of annual cash generation; current rates are higher.
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Upgraded, cheaper-to-run fleet. Nine latest-generation scrubber-fitted VLCCs replacing ten-year-old units, combined with a 52 bps margin reduction, should lower breakevens and increase earnings per vessel-day.
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Cash returns. A pass-through dividend at Q2-like earnings implies an annualised payout above USD 10/share, a double-digit yield even at USD 59.
Bear case
-
Event-driven peak. The 2026 surge coincided with the Hormuz closure. A rapid reopening, combined with a growing order book (flagged in the Q1 2026 call), could reverse rates. Q4 2024 and Q1–Q3 2025 show how quickly earnings can fall: Q1 2025 adjusted EPS was only USD 0.18.
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Valuation already discounts it. At about 5x FY2025 book value and above every published price target, the share embeds sustained super-normal rates. Some 2026 earnings are one-off (USD 210.9M, USD 54.7M and about USD 110M of vessel sale gains).
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Governance overhang. Large related-party transactions with the controlling shareholder (USD 1.22B newbuild purchase) and a board with limited independence create the risk that minority shareholders bear unfavourable terms in future deals.
Key catalysts and monitorables (next 12 months)
| Catalyst | Timing | Why it matters |
|---|---|---|
| Q3 2026 results | Late Nov 2026 (expected) | Confirms whether Q2 record is sustained; dividend level |
| Strait of Hormuz negotiations/reopening | Q4 2026 onward | Largest single swing factor for rates |
| Winter market (Q4 2026 – Q1 2027) | Seasonal | Typically the strongest tanker season |
| Delivery of remaining three newbuilds | Two in Q4 2026; one in Q1 2027 | Fleet growth, capex completion |
| Time-charter fixtures | Ongoing | Reveals management's view of rate durability |
| Order book growth and scrapping | Ongoing | Medium-term supply balance |
| Sanctions enforcement (Russia/Iran/Venezuela) | Ongoing | Effective fleet supply |
| FY2026 20-F and AGM | Mar–May 2027 | Governance, pay and ownership disclosures |
Analyst verdict
Frontline enters the final quarter of 2026 at the peak of its earnings power so far. It has posted the best quarter in its 40-year history, cut its cost of debt, renewed a fifth of its VLCC fleet at attractive terms, and distributed USD 4.16 per share in dividends for the first half of the year alone. Its operating platform is outstanding by industry standards: fewer than 100 group employees, cash breakevens around USD 24,000 per day, and a demonstrated ability to absorb large fleet additions and recycle capital through the cycle at the right moments. The January 2026 renewal, which sold ten-year-old VLCCs into a strong secondhand market and bought newbuilds for delivery during a window closed to new orders, was well timed in hindsight.
The investment debate, however, is no longer about quality; it is about duration. The record results are tightly linked to an exceptional geopolitical event, the 2026 Hormuz disruption, layered on top of already constructive fundamentals. Investors at USD 59 are paying roughly 5x last year's book value and about 11x trailing adjusted earnings for a business whose earnings fell by more than 90% between peak and trough within the last two years. The share sits above every published sell-side target, and part of 2026 profit comes from vessel-sale gains that will not repeat.
Our synthesis: Frontline is the highest-quality, most liquid expression of spot crude tanker exposure in listed markets, and its dividend policy passes cycle gains directly to shareholders. For investors who believe the tightness is structural — ageing fleet, sanctions-constrained supply, longer hauls — and who can tolerate high volatility, Frontline remains the leading way to own that view. For those who see 2026 as a geopolitical spike, the risk-reward is now balanced to unfavourable, and the key signals to watch are Hormuz negotiations, the order book, and whether management keeps locking in long-dated time charters.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Prior roles |
|---|---|---|---|
Lars H. Barstad | Chief Executive Officer, Frontline Management AS | CEO since Sep 2021; interim CEO from Oct 2020; Commercial Director since 2015 | Commercial roles in tanker chartering prior to Frontline |
Inger M. Klemp | Chief Financial Officer, Frontline Management AS | Since 1 June 2006 | Banking and finance background; long-standing CFO across the Fredriksen group |
Board of Directors
| Name | Role | Since | Background / notes |
|---|---|---|---|
Ola Lorentzon | Chairman | Director since May 2015; Chairman since May 2021 | Managing Director of Frontline Management AS 2000–2003; also Chairman of FLEX LNG and formerly of Golden Ocean; director of Erik Thun AB; holds approx. 21,000 FRO shares (Mar 2026) |
John Fredriksen | Director | Director since Nov 1997; Chairman and President 1997–May 2021 | Founder of the Fredriksen shipping/offshore group (Seadrill, Golden Ocean, SFL, etc.); ultimate beneficiary of trusts behind Hemen |
James O'Shaughnessy | Independent Director, audit committee | Since Sep 2018 | Former EVP, Chief Accounting Officer and Corporate Controller of Axis Capital; formerly CFO of Flagstone Reinsurance and XL Re; Fellow of Chartered Accountants Ireland; holds approx. 12,647 shares |
Steen Jakobsen | Independent Director | — | Listed as independent director in recent aggregator data |
Ole B. Hjertaker | Director | — | Listed in recent aggregator data (CEO of SFL Corporation, a Fredriksen-related company) |
Marios Demetriades | Independent Director | — | Listed in recent aggregator data (Cyprus-based) |
Cato H. Stonex | Independent Director | — | Listed in recent aggregator data |
Maria Papakokkinou | Non-executive Director | 2024 | Listed in GlobalData profile |
Mikkel Storm Weum | Director | Appointed March 2026 | Board appointment announced Mar 2026 |
Board of Directors — Lars H. Barstad
| Name | Role | Reported annual compensation (USD) |
|---|---|---|
Lars H. Barstad | CEO | 2,083,000 |
Ola Lorentzon | Chairman | 812,000 |
James O'Shaughnessy | Director | 401,000 |
John Fredriksen | Director | 391,000 |
Marios Demetriades | Director | 70,000 |
Ole B. Hjertaker | Director | 60,000 |
Steen Jakobsen | Director | 60,000 |
Inger M. Klemp | CFO | — |
“—” = not publicly disclosed.
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Oct 2020 | CEO Robert Hvide Macleod departs; Barstad interim CEO | Leadership transition |
May 2021 | Fredriksen steps down as Chairman; Lorentzon Chairman | Generational governance shift |
Sep 2021 | Barstad confirmed as CEO | Continuity |
| 2024 | Maria Papakokkinou joins board | Board refresh |
Mar 2026 | Mikkel Storm Weum appointed to board | Board refresh |
Major Shareholders
| Holder | Stake | Note |
|---|---|---|
FMR LLC (Fidelity) | Added ≈5.95M shares in Q2 2026 (+631.6%) | 13F filings via Quiver Quant |
JPMorgan Chase & Co | New position ≈3.14M shares in Q2 2026 | 13F |
Keystone Investors Pte Ltd | New position ≈1.87M shares in Q2 2026 | 13F |
Acadian Asset Management | Added ≈1.09M shares in Q2 2026 | 13F |
Voloridge Investment Management | Added ≈1.07M shares in Q1 2026 | 13F |
Citadel Advisors | Reduced by ≈0.99M shares in Q1 2026 | 13F |
Competitive Landscape
Key Competitors
| Competitor | Listing | Primary overlap | Positioning vs. Frontline |
|---|---|---|---|
DHT Holdings | NYSE: DHT | VLCC pure-play | Smaller VLCC fleet; similar spot/high-payout model |
International Seaways | NYSE: INSW | Crude (VLCC/Suezmax/Aframax) and product tankers | Diversified US-listed peer; lower spot leverage in crude |
Teekay Tankers | NYSE: TNK | Suezmax and Aframax/LR2 | Mid-size crude specialist; no VLCCs |
Okeanis Eco Tankers | NYSE/Oslo: ECO | VLCC and Suezmax (modern scrubber-fitted) | Small, very modern, high-payout fleet |
Nordic American Tankers | NYSE: NAT | Suezmax | Older Suezmax fleet; retail-heavy shareholder base |
Tsakos Energy Navigation | NYSE: TEN | Diversified crude/product/LNG | More time-charter weighted |
CMB.Tech (formerly Euronav) | NYSE/Euronext: CMBT | Historically VLCC/Suezmax; now pivoting to dry bulk, containers and hydrogen-ready ships | Exited much of crude after selling 24 VLCCs to Frontline |
Hafnia | NYSE/Oslo: HAFN | LR2 and other product tankers | Product-tanker leader; overlap only in LR2 |
Scorpio Tankers | NYSE: STNG | LR2 and MR product tankers | Product-tanker heavyweight; overlap in LR2 |
COSCO Shipping Energy Transportation | HK/Shanghai | VLCC (large fleet) | State-linked Chinese owner; long-term contracts with Chinese majors |
China Merchants Energy Shipping | Shanghai | VLCC | Large Chinese VLCC fleet |
Bahri | Saudi Exchange | VLCC | Saudi national carrier; Aramco-linked cargoes |
Private owners (e.g., Sinokor, Maran, Angelicoussis group) | Private | VLCC/Suezmax | Large, opaque fleets; Sinokor notably active as VLCC buyer in 2025–26 |
Key Competitors by Company
| Company | Main fleet focus | Revenue (latest FY, USD) | Payout model | Note |
|---|---|---|---|---|
Frontline (FY2025) | VLCC / Suezmax / LR2 | 1965.4M | ~100% of adjusted EPS | Verified |
DHT Holdings (FY2025) | VLCC | — | High payout (stated policy) | Peer data to be verified |
International Seaways (FY2025) | Crude and product | — | Payout of adjusted earnings plus specials | Peer data to be verified |
Teekay Tankers (FY2025) | Suezmax / Aframax | — | Fixed plus special dividends | Peer data to be verified |
