FRO - Frontline shares slide despite Q1 beat

Frontline ([[FRO]] -2.9%) Q1 Revenue of $193.99M (-52.9% Y/Y) beats by $96.94M.Net income of $28.9M (-82.52% Y/Y), or $0.15 per diluted share (-82.14% Y/Y); Adjusted net income of $8.8M (-95.09% Y/Y), or $0.04 per diluted share (-95.60% Y/Y).Reported spot TCEs for VLCCs, Suezmax and LR2 tankers in the first quarter of 2021 were $19,000, $15,200 and $12,000 per day, respectively.In May 2021, the Company entered into an agreement for the acquisition through resale of six latest generation ECO-type VLCC newbuilding contracts currently under construction at the HHI shipyard in South Korea. Five vessels will be delivered during 2022 starting in Q1 and the last vessel in Q1 2023.Outlook: For Q2, the company estimates spot TCE on a load-to-discharge basis of $18,100 contracted for 70% of vessel days for VLCCs, $13,600 contracted for 63% of vessel days for Suezmax tankers and $14,200 contracted for 59% of vessel days for LR2 tankers.Frontline expects the spot

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Frontline shares slide despite Q1 beat