FRO - Frontline plc (FRO) Q1 2024 Earnings Call Transcript
2024-05-31 12:41:04 ET
Frontline plc (FRO)
Q1 2024 Earnings Conference Call
May 30, 2024 09:00 AM ET
Company Participants
Lars Barstad - Chief Executive Officer
Inger Klemp - Chief Financial Officer
Conference Call Participants
Omar Nokta - Jefferies
Gregory Lewis - BTIG
Petter Haugen - ABG Sundal Collier
Presentation
Lars Barstad
Dear, all. Thank you for dialing in to Frontline’s First Quarter Earnings Call. The first quarter of 2024 was to a large degree, tainted by the security situation for the passage between the Red Sea and the Gulf of Yemen, sorry, the Gulf of Aden, in fact. There are still charters insisting and owners willing region ignoring the security for the seafarers, but we, Frontline, we simply don't.
The highlights of Q1 of 2024 was that all the Euronav vessels are now sailing under the Frontline flag. And as we progress into 2024, we will take the full advantage of having a fleet of 41 modern, low consuming VLCCs in addition to our efficient Suezmax and LR2 fleets. Utilization seems to be edging higher on all asset classes, but again, the LR2s are the ones to shine.
Before I give the word to Inger, please see the numbers on Slide 3 in the deck. So in the first quarter of 2024, Frontline achieved $41,100 per day on our VLCC fleet, $45,800 per day on our Suezmax fleet, and $54,300 per day on our LR2/Aframax fleet. LR2s have been yielding VLCC numbers in the quarter, as this segment have been affected the most by the disruptions in the Suez Canal passages....
Frontline plc (FRO) Q1 2024 Earnings Call Transcript