Frontline (FRO) Q2 2026 Earnings Call: Record Profit and Strong Q3 Bookings
Source Tradingkey
Key Takeaways
- Frontline plc (FRO) reported its best quarter on record, with Q2 2026 profit of $659.2 million, or $2.96 per share, and adjusted profit of $580.2 million, or $2.61 per share.
- Adjusted profit increased by $235.3 million from Q1, primarily due to higher time charter equivalent (TCE) earnings.
- Q2 TCE rates reached $152,700 per day for VLCCs, $111,500 for Suezmax tankers and $92,400 for LR2/Aframax vessels.
- Q3 bookings remained strong: 86% of VLCC days were fixed at $156,900 per day and 79% of Suezmax days at $117,400 per day. LR2 bookings covered 70% of days at $81,000 per day.
- Total liquidity stood at $1.2 billion at June 30, including $901 million of undrawn revolving credit capacity. Frontline has no debt maturities until 2028 and no meaningful maturities until 2030.
- Management said geopolitical disruption, longer trade routes and ship-to-ship transfers continue to tighten effective tanker supply, while the expanding order book remains a longer-term concern.
Key Financial Data
| Metric | Q2 2026 | Change or context |
|---|---|---|
| Profit | $659.2 million | Company record |
| Earnings per share | $2.96 | Reported basis |
| Adjusted profit | $580.2 million | Up $235.3 million quarter over quarter |
| Adjusted EPS | $2.61 | Company record |
| Ship operating expenses | Down $4.3 million QoQ | Reflects vessel sales and higher supplier rebates, partly offset by general running costs |
| Administrative expenses | Down $2.4 million QoQ | Excludes synthetic option revaluations |
| Adjusted interest expense | Down $4.8 million QoQ | Lower debt and interest rates |
| Depreciation | Down $4.7 million QoQ | Driven by vessel sales |
| Total liquidity | $1.2 billion | Includes $901 million of undrawn revolver capacity |
| Remaining newbuilding commitments | $601.1 million | Related to nine newbuildings acquired from Hemen affiliates |
Business and Operating Performance
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