FRONTLINE PLC REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2025

Frontline plc (the "Company", "Frontline," "we," "us," or "our"), today reported unaudited results for the three months ended March 31, 2025:

Highlights

   -- Profit of $33.3 million, or $0.15 per share for the first quarter of 
      2025. 
 
   -- Adjusted profit of $40.4 million, or $0.18 per share for the first 
      quarter of 2025. 
 
   -- Declared a cash dividend of $0.18 per share for the first quarter of 
      2025. 
 
   -- Reported revenues of $427.9 million for the first quarter of 2025. 
 
   -- Achieved average daily spot time charter equivalent earnings ("TCEs")1 
      for VLCCs, Suezmax tankers and LR2/Aframax tankers in the first quarter 
      of $37,200, $31,200 and $22,300 per day, respectively. 
 
   -- Entered into three senior secured credit facilities in February 2025 for 
      a total amount of up to $239.0 million to refinance the outstanding debt 
      on three VLCCs and one Suezmax tanker maturing in 2025 and, in addition, 
      provide revolving credit capacity in a total amount of up to $91.9 
      million. 
 
   -- Entered into one senior secured term loan facility in April 2025 in an 
      amount of up to $1,286.5 million to refinance the outstanding debt on 24 
      VLCCs approximately three and a half years prior to maturity to reduce 
      the margin. 

Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:

"The first quarter of 2025 came in line with the previous quarter, somewhat muted relative to the economic and political backdrop during the period. In times of uncertainty, it's comforting to operate in an industry that maintains business as usual, transporting oil and products around the world at a steady pace. Utilization on the larger ships has improved during the quarter and with continued pressure and enforcement on sanctioned trades, we have seen healthy developments in activity across the segments that Frontline deploys. Fleet growth remains slow, and ordering has again stalled, continuing to support the long-term fundamental story for tankers, where Frontline is ideally positioned with its cost-focused business model and spot-exposed, modern fleet."

Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:

"Through our refinancings in 2025, we have further strengthened our strong liquidity, leaving the Company with no meaningful debt maturities until 2030, and further reduced our borrowing costs and cash breakeven rates. We continue to focus on maintaining our competitive cost structure, breakeven levels and solid balance sheet to ensure that we are well positioned to generate significant cash flow and create value for our shareholders."

Average daily TCEs and estimated cash breakeven rates

 
                                                                   Estimated 
                                                                    average 
                                                                   daily cash 
                                                                   breakeven 
                                           Spot TCE                rates for 
                                           currently                the next 
($ per day)             Spot TCE           contracted  % Covered   12 months 
--------------  ------------------------  -----------  ---------  ----------- 
                Q1 2025  Q4 2024   2024          Q2 2025 
VLCC             37,200   35,900  43,400       56,400        68%       29,700 
Suezmax          31,200   33,300  41,400       44,900        69%       24,300 
LR2 / Aframax    22,300   26,100  42,300       36,100        66%       23,300 
                -------  -------  ------  -----------  ---------  ----------- 
 

We expect the spot TCEs for the full second quarter of 2025 to be lower than the spot TCEs currently contracted, due to the impact of ballast days during the second quarter of 2025. See Appendix 1 for further details.

The Board of Directors

Frontline plc

Limassol, Cyprus

May 22, 2025

Ola Lorentzon - Chairman and Director

John Fredriksen - Director

James O'Shaughnessy - Director

Steen Jakobsen - Director

Cato Stonex - Director

Ørjan Svanevik - Director

Dr. Maria Papakokkinou - Director

Questions should be directed to:

Lars H. Barstad: Chief Executive Officer, Frontline Management AS

+47 23 11 40 00

Inger M. Klemp: Chief Financial Officer, Frontline Management AS

+47 23 11 40 00

Forward-Looking Statements

Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

Frontline plc and its subsidiaries, or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" and similar expressions, terms or phrases may identify forward-looking statements.

The forward-looking statements in this report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:

   -- the strength of world economies; 
 
   -- fluctuations in currencies and interest rates, including inflationary 
      pressures and central bank policies intended to combat overall inflation 
      and high interest rates and foreign exchange rates; 
 
   -- the impact that any discontinuance, modification or other reform or the 
      establishment of alternative reference rates have on the Company's 
      floating interest rate debt instruments; 
 
   -- general market conditions, including fluctuations in charter hire rates 
      and vessel values; 
 
   -- changes in the supply and demand for vessels comparable to ours and the 
      number of newbuildings under construction; 
 
   -- the highly cyclical nature of the industry that we operate in; 
 
   -- the loss of a large customer or significant business relationship; 
 
   -- changes in worldwide oil production and consumption and storage; 
 
   -- changes in the Company's operating expenses, including bunker prices, dry 
      docking, crew costs and insurance costs; 
 
   -- planned, pending or recent acquisitions, business strategy and expected 
      capital spending or operating expenses, including dry docking, surveys 
      and upgrades; 
 
   -- risks associated with any future vessel construction; 
 
   -- our expectations regarding the availability of vessel acquisitions and 
      our ability to complete vessel acquisition transactions as planned; 
 
   -- our ability to successfully compete for and enter into new time charters 
      or other employment arrangements for our existing vessels after our 
      current time charters expire and our ability to earn income in the spot 
      market; 
 
   -- availability of financing and refinancing, our ability to obtain 
      financing and comply with the restrictions and other covenants in our 
      financing arrangements; 
 
   -- availability of skilled crew members and other employees and the related 
      labor costs; 
 
   -- work stoppages or other labor disruptions by our employees or the 
      employees of other companies in related industries; 
 
   -- compliance with governmental, tax, environmental and safety regulation, 
      any non-compliance with U.S. or European Union regulations; 
 
   -- the impact of increasing scrutiny and changing expectations from 
      investors, lenders and other market participants with respect to our 
      Environmental, Social and Governance policies; 
 
   -- Foreign Corrupt Practices Act of 1977 or other applicable regulations 
      relating to bribery; 
 
   -- general economic conditions and conditions in the oil industry; 
 
   -- effects of new products and new technology in our industry, including the 
      potential for technological innovation to reduce the value of our vessels 
      and charter income derived therefrom; 
 
   -- new environmental regulations and restrictions, whether at a global level 
      stipulated by the International Maritime Organization, and/or imposed by 
      regional or national authorities such as the European Union or individual 
      countries; 
 
   -- vessel breakdowns and instances of off-hire; 
 
   -- the impact of an interruption in or failure of our information technology 
      and communications systems, including the impact of cyber-attacks upon 
      our ability to operate; 
 

   -- risks associated with potential cybersecurity or other privacy threats 
      and data security breaches; 
 
   -- potential conflicts of interest involving members of our Board of 
      Directors and senior management; 
 
   -- the failure of counter parties to fully perform their contracts with us; 
 
   -- changes in credit risk with respect to our counterparties on contracts; 
 
   -- our dependence on key personnel and our ability to attract, retain and 
      motivate key employees; 
 
   -- adequacy of insurance coverage; 
 
   -- our ability to obtain indemnities from customers; 
 
   -- changes in laws, treaties or regulations; 
 
   -- the volatility of the price of our ordinary shares; 
 
   -- our incorporation under the laws of Cyprus and the different rights to 
      relief that may be available compared to other countries, including the 
      United States; 
 
   -- changes in governmental rules and regulations or actions taken by 
      regulatory authorities; 
 
   -- government requisition of our vessels during a period of war or 
      emergency; 
 
   -- potential liability from pending or future litigation and potential costs 
      due to environmental damage and vessel collisions; 
 
   -- the arrest of our vessels by maritime claimants; 
 
   -- general domestic and international political conditions or events, 
      including "trade wars"; 
 
   -- any further changes in U.S. trade policy that could trigger retaliatory 
      actions by the affected countries; 
 
   -- potential disruption of shipping routes due to accidents, environmental 
      factors, political events, public health threats, international 
      hostilities including the war between Russia and Ukraine and possible 
      cessation of such war, the conflict between Israel and Hamas and related 
      conflicts in the Middle East, the Houthi attacks in the Red Sea and the 
      Gulf of Aden, acts by terrorists or acts of piracy on ocean-going 
      vessels; 
 
   -- the impact of restriction on trade, including the imposition of tariffs, 
      port fees and other import restrictions by the United States on its 
      trading partners and the imposition of retaliatory tariffs by China and 
      the EU on the United States, and potential further protectionist measures 
      and/or further retaliatory actions by others, including the imposition of 
      tariffs or penalties on vessels calling in key export and import ports 
      such as the United States, EU and/or China; 
 
   -- the length and severity of epidemics and pandemics and their impact on 
      the demand for seaborne transportation of crude oil and refined products; 
 
   -- the impact of port or canal congestion; 
 
   -- business disruptions due to adverse weather, natural disasters or other 
      disasters outside our control; and 
 
   -- other important factors described from time to time in the reports filed 
      by the Company with the Securities and Exchange Commission. 

We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are no guarantee of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

(1) This press release describes Time Charter Equivalent earnings and related per day amounts and spot TCE currently contracted, which are not measures prepared in accordance with IFRS ("non-GAAP"). See Appendix 1 for a full description of the measures and reconciliation to the nearest IFRS measure.

Attachment

   -- 1st Quarter 2025 Results 

(END) Dow Jones Newswires

May 23, 2025 01:30 ET (05:30 GMT)