Frontline Posts Record $659M Quarterly Profit, Declares $2.61 Dividend
FRO has more than doubled off its 52-week low of $20.04.
Summary
Frontline reported its best-ever quarterly profit of $659.2 million ($2.96 EPS) for Q2 2026, with adjusted profit of $580.2 million ($2.61 EPS) and revenues of $943.3 million. The company declared a cash dividend of $2.61 per share and announced a special one-time dividend of $0.80 per share from the sale of two VLCCs. Average daily TCEs surged across all vessel classes, with VLCCs at $152,700, Suezmax at $111,500, and LR2/Aframax at $92,400. Management also reduced financing costs by 52 basis points and secured time charter coverage at historically high rates, locking in revenue visibility. The strong results and shareholder returns reflect a robust tanker market driven by geopolitical disruptions and inventory replenishment needs. Investors should note the company's guidance that Q3 spot TCEs will be lower than currently contracted due to ballast days.
At the time of this announcement, FRO was trading at $43.82 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $9.7B. The 52-week trading range was $20.04 to $45.17. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.