Frontline plc (NYSE:FRO) Q3 2024 Earnings Conference Call November 27, 2024 9:00 AM ET
Company Participants
Lars Barstad - CEO
Inger Klemp - CFO
Conference Call Participants
Jonathan Chappell - Evercore
Omar Nokta - Jefferies
Sherif Elmaghrabi - BTIG
Operator
Good day and thank you for standing by. Welcome to the Q3 2024 Frontline plc Earnings Conference Call and Webcast. [Operator Instructions] Please note that today's conference is being recorded.
I would now like to turn the conference over to your speaker Mr. Lars Barstad, CEO. Please go ahead.
Lars Barstad
Thank you very much dear all and thank you for dialing into Frontline's quarterly earnings call. Thank you markets and stocks don't move in a straight line I believe the last months have told us that. We have previously argued we are in a period comparable to the 2002 to 2008 Bull run, although supply of tonnage driven rather than fueled by strong oil demand growth.
That comparison still holds, I'd argue and as an example in November 2004 the market was said to be doomed and we corrected more than 30%. The Bull rally resumed a few weeks thereafter and we were off for the skies again. For the same reasons, it's difficult to predict the bearish sentiment, the Bull runs are equally hard to call to.
So before I give the word to Inger, I'll run through RTC numbers on Slide 3 in the deck. In the third quarter of 2024, Frontline achieved $39,600 per day on our VLCC fleet, $39,900 per day on our Suezmaxes and $36,000 per day on our LR2/Aframax suite.
So far in the third quarter, we've booked 77% of our VLCC days at $44,300 per day, 70% of our Suezmax days at $39,600 per day and 60% of our LR2/Aframax days at $34,800 per day. And again, all numbers in this table are on a low to discharge basis, with the implications of balance days at the end of the quarter. The market has not offered us the numbers we hope for, but we are operating a decent margin still.
With that, I'll let Inger take you through the financial highlights.
Inger Klemp
Thanks, Lars and good morning and good afternoon, ladies and gentlemen.
Let's then turn to Slide 4, the profit statement. We report profit of $60.5 million this quarter or $0.27 per share and adjusted profit of $75.4 million or $0.34 per share. The adjusted profit in this quarter decreased by $62.8 million compared to the previous quarter and that was primarily due to a decrease in our TCE earnings, coming down from $357.7 million in the previous quarter to $292.2 million end of this quarter. That results from lower TCE rates in the third quarter, compared to the second quarter.