Frontline plc (NYSE:FRO) Q3 2023 Results Conference Call November 30, 2023 9:00 AM ET
Company Participants
Lars Barstad - CEO
Inger Klemp - CFO
Conference Call Participants
Jon Chappell - Evercore ISI
Chris Robertson - Deutsche Bank
Omar Nokta - Jefferies
Greg Lewis - BTIG
Operator
Good day and thank you for standing by. Welcome to the Q3 2023 Frontline plc Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please be advised that today’s conference is being recorded.
I would now like to hand the conference over to your speaker today, Lars Barstad. Please go ahead.
Lars Barstad
Thank you. Dear all, thank you for listening in to Frontline’s third quarter earnings call.
To start off, I believe it’s prudent to mention that Q3 this year started challenging, and remind the audience of July, August, and Sept is normally called the summer lull in the tanker industry. The excitement in June did give us high expectations for the fall market. And although not jaw dropping, we have seen worse. The tanker market continues to be firm with risk rather on the upside than the downside. But there are many pieces to this puzzle. I will get to some of them in this presentation. Before I give the word to Inger, let’s look at our Q3 numbers on slide 3 in the deck.
In the third quarter, Frontline achieved, [Technical Difficulty] a day on our VLCC fleet; $37,600 a day on our Suezmax fleet; and $33,900 per day on our LR2/Aframax fleet. We saw the more normal split between the segments. But this converged again as we progressed into Q4 with 81% of our VLCC days booked at $48,100 per day, 70% of our Suezmax days at $50,300 per day and 70% of our LR2/Aframax days at $51,300 per day.
Again, all numbers in this table are on a load-to-discharge basis and they will be affected by the amount of ballast days we ended up having at the end of Q4. We would also like to highlight that these numbers exclude the ‘24 VLCCs that are delivered during this quarter and next. Further as you can only account for revenues when the vessel is laden, the new vessels are not likely to affect revenues for Q4 materially.
I would now like to let Inger take you through the financial highlights.
Inger Klemp
Thanks, Lars, and good morning and good afternoon, ladies and gentlemen. Then I think we can turn to slide 4, Profit Statement.