Frontline Plc (NYSE:FRO) reported second-quarter revenue of $607.5 million, beating the consensus of $382.3 million.
Reported spot TCEs for VLCCs, Suezmax tankers, and LR2/Aframax tankers were $49,600 (vs. $64,000 last year), $45,600 (vs. $61,700 last year) and $53,100 (vs. $52,900 prior year) per day.
In the quarter, ballast days totaled 1,043 for VLCCs, 306 for Suezmax tankers, and 147 for LR2/Aframax tankers.
Net operating income for the quarter improved to $255.92 million from $252.98 million a year ago. Adjusted EPS was $0.62 versus $0.94 a year ago, missing the consensus of $0.67.
In the second quarter, operating cash flow was $232.68 million compared to $283.14 million a year ago quarter. FRO held cash and cash equivalents of $359.24 million as of June-end.
In the quarter, the company agreed to sell its oldest Suezmax tanker for a net sales price of $48.5 million. After settling existing debt, the transaction is expected to result in approximately $36.5 million in ...
