Frontline plc (NYSE:FRO) Q4 2022 Earnings Conference Call February 28, 2023 9:00 AM ET
Company Participants
Lars Barstad - CEO
Inger Klemp - CFO
Conference Call Participants
Omar Nokta - Jefferies
Jon Chappell - Evercore ISI
Chris Robertson - Deutsche Bank
Greg Lewis - BTIG
Operator
Good day, and thank you for standing by. Welcome to the Fourth Quarter 2022 Frontline PLC Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Mr. Lars Barstad. Please go ahead.
Lars Barstad
Thank you. Dear all, thank you for tuning into Frontline's fourth quarter earnings call. I know it's been a busy day for at least, those of you who are analysts. It's quite a few companies reporting today. I have feeling some of the questions in the upcoming Q&A will be focused on the termination of the combination agreement with Euronav, but let's for now, focus on Frontline and the small key markets we've had in the fourth quarter.
Although the implications of Russia's invasion of Ukraine caused most of the headlines, we believe, from a tanker market perspective, China was the catalyst to Frontline posting the best quarterly result in over 14 years. We finally fired on all cylinders throughout the quarter and our lean and mean business model [indiscernible].
Let's quickly look at our TCE numbers on Slide 3 in the deck. In the third quarter Frontline achieved $63,200 per day on our VLCC fleet, $57,900 per day on our Suezmax fleet and $58,800 per day from our LR2/Aframax fleet. And finally, the inverted earnings relationship between our segments, we're at least temporarily reversed.
So far in the first quarter of 2022, we have booked 87% of our VLCC days at $58,300 per day, 77% of our Suezmax days at the cool $72,400 per day and 68% of our LR2/Aframax days at a solid $63,900 per day. Again, all these numbers in the table are on the load to discharge basis and they will be affected by the amount of ballast days we end up having at the end of Q1.
Before I give the word to Inger, let's just quickly jump to slide four in the deck. I'll repeat a few key points from the Frontline fleet composition. Frontline continues to hold one of the most efficient fleets in the industry and our diversification has proven profitable for all our shareholders during 2022.