Frontline Reports Record Quarterly Profits

Frontline plc announced its unaudited financial results for the second quarter of 2026, revealing record profits. The company reported a best-ever quarterly profit of $659.2 million, or $2.96 per share, and adjusted profit of $580.2 million, or $2.61 per share. Shareholders received a cash dividend of $2.61 per share. Revenues for the quarter totaled $943.3 million.

Frontline's VLCCs, Suezmax tankers, and LR2/Aframax tankers achieved average daily spot time charter earnings of $152,700, $111,500, and $92,400, respectively. The company reduced financing costs by 52 basis points, bringing the weighted average interest rate margin down from 178 bps to 126 bps. Frontline sold two 2017-built VLCCs for $270.0 million, returning $179.0 million to shareholders as a special one-time dividend.

Two oldest Suezmax tankers from 2014 and 2015 were delivered in the second quarter, resulting in a $54.7 million gain from their sale. Frontline secured two one-year time charter-out agreements for new VLCCs, and two other VLCCs with longer-term contracts. CEO Lars H. Barstad emphasized the volatility in the energy sector and Frontline's focus on capturing near-term shareholder value.

CFO Inger M. Klemp highlighted successful refinancing efforts and maintaining a strong balance sheet for future growth.