2023-05-31 03:56:31 ET
- Frontline press release ( NYSE: FRO ): Q1 Non-GAAP EPS of $0.87 beats by $0.05 .
- Revenue of $497.3M (+128.7% Y/Y) beats by $144.58M .
- Reported spot TCEs for VLCCs, Suezmax tankers and LR2/Aframax tankers in the first quarter of 2023 were $52,500, $64,000 and $56,300 per day, respectively.
- For the second quarter of 2023, we estimate spot TCE on a load-to-discharge basis of $75,000 contracted for 78% of vessel days for VLCCs, $65,000 contracted for 71% of vessel days for Suezmax tankers and $65,700 contracted for 63% of vessel days for LR2/Aframax tankers.
- "We expect the spot TCEs for the full second quarter of 2023 to be lower than the TCEs currently contracted, due to the impact of ballast days at the end of the first quarter."
- The number of ballast days at the end of the first quarter was 359 for VLCCs, 429 for Suezmax tankers and 216 for LR2/Aframax tankers.
For further details see:
Frontline beats Q1 top and bottom line estimates; initiates Q2 outlook