Frontline plc achieved average daily spot time charter equivalent earnings (TCEs) for VLCCs, suezmax tankers and LR2/aframax tankers in the third quarter of $34,300, $35,100 and $31,400 per day, respectively.
As of end-September, three of the company’s vessels (one VLCC, one suezmax tanker, one LR2/aframax tanker) were on time charter-out contracts with initial periods in excess of 12 months.
The time charter-out contract for the LR2/aframax tanker is expected to end in the third quarter of 2026, whereas the initial periods for the suezmax tanker and the VLCC time-charters end in the second and third quarter of 2027, respectively.
Frontline plc reported profit of $40.3m for the third quarter compared with profit of $77.5m in the previous quarter.
The company’s adjusted profit for the quarter stood at $42.5m compared with adjusted profit of $80.4m in the previous quarter while the reported revenues reached $432.7m for the third quarter of 2025.
The tanker giant said in its financial results for the quarter that the decrease in adjusted profit from the previous quarter was primarily due to a decrease in its TCE earnings from $283.0m in the previous quarter to $248.2m in the third quarter as a result of lower TCE rates in addition to fluctuations in other income and expenses.
As of end-September, Frontline’s fleet consisted of 80 vessels owned by the company (41 VLCCs, 21 suezmax tankers, 18 LR2/aframax tankers), with an aggregate capacity of approximately 17.6 million-dwt.
Lars H. Barstad, chief executive officer of Frontline Management AS, commented: “The third quarter began in line with seasonal trends, with a typically subdued summer period. However, as the quarter progressed, freight markets strengthened – most notably for VLCCs.
“The U.S. moved past peak refinery runs, while India increasingly reduced its intake of Russian feedstock, opening up the ton-mile intensive arbitrage between the Americas and Asia. Global oil demand remains resilient, and the gradual reversal of OPEC+ production cuts is beginning to reflect in higher export volumes. Having navigated a modest third quarter, we are encouraged by the strong fundamentals and Frontline’s efficient, spot-focused fleet as we enter the winter market with freight rates at multi-year highs.”
