FRO - Frontline falls after 'one of the most demanding quarters on record for tankers'

Frontline (NYSE:FRO) -3% after reporting a larger than expected Q3 net loss and revenues that were lower than the prior year, as the quarter remained "a challenging period" for tanker owners. The company says spot time charter equivalents for VLCCs, Suezmax tankers and LR2 tankers in Q3 were $10.5K, $7.9K and $10.7K per day, respectively. For Q4, Frontline estimates spot TCE on a load-to discharge basis of $21.6K contracted for 79% of vessel days for VLCCs, $17.9K contracted for 72% of vessel days for Suezmax tankers, and $16K contracted for 64% of vessel days for LR2 tankers. The company's TCEs in Q4 2020 were $54.4K for VLCCs, $35.6K for Suezmax and $23.4K for LR2 tankers. "Global oil demand rose, but oil supply growth remained muted, resulting in one of the most demanding quarters on record for tankers," CEO Lars Barstad says. Frontline shares have gained ~9% YTD but lost 30% since

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Frontline falls after 'one of the most demanding quarters on record for tankers'