Frontline achieves record quarterly profit amid continuing ‘extraordinary’ tanker market

Tanker owner/operator Frontline has reported its best quarterly profit ever of $659.2 million for the second quarter of 2026 and the best adjusted profit ever of $580.2 million, on revenues of $943.3 million.

Achieved average daily spot time charter equivalent earnings (TCEs)1 for VLCCs, Suezmax tankers and LR2/Aframax tankers in the second quarter were $152,700, $111,500 and $92,400 per day, respectively.

This followed a bumper Q1 when the company reported profit of $559.1 million and adjusted profit of $344.9m, its strongest quarterly result since Q4 2004, on revenues of $714.2 million. The company at the time alluded to the ‘extraordinary’ market conditions following the closure of the Strait of Hormuz.

Lars H. Barstad, CEO of Frontline Management AS, commented: “The second quarter of 2026 continued to be volatile. The entire energy complex is being challenged, creating inefficiencies that support tanker utilisation. While the fundamental story of oil demand versus vessel supply has temporarily taken a back seat, Frontline remains focused on capturing near-term value for our shareholders.

“Currently, it is difficult to see the ultimate endgame of the ongoing conflict in the Middle East, but our conviction regarding its longer-term effects remains firm. Energy supply security will increasingly dominate strategic decisions, altering trade lanes. At the same time, the need to replenish oil inventories should create material tailwinds for tankers.

“Frontline continues to capitalise on these markets into the third quarter, with an increased focus on securing revenue visibility at historically high levels.”