Frontline draws comfort from ‘business-as-usual’ Q1 results amid geopolitical uncertainty

Tanker owning giant Frontline reported a profit of US$33.3 million on revenues of US$427.9 million for the first quarter It achieved average daily spot time charter equivalent earnings (TCEs) for VLCCs, Suezmax tankers and LR2/Aframax tankers of $37,200, $31,200 and $22,300 per day, respectively.

Lars H. Barstad, CEO 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.

“Utilisation 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.”