FRO – Third Quarter and Nine Months 2023 Results - Seite 2
Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:
"We are very grateful for the financial support from a group of our relationship banks and our largest shareholder, allowing us to react quickly to growth opportunities which made the acquisition of the 24 modern VLCCs from Euronav possible. We will continue to consistently focus on maintaining our competitive breakeven levels to ensure that we are well positioned to generate significant cash flow and create value for our shareholders.”
Average daily time charter equivalents ("TCEs")1
($ per day) | Spot TCE | Spot TCE estimates | % Covered | Estimated average daily cash breakeven rates | ||||
2023 | Q3 2023 | Q2 2023 | Q4 2022 | 2022 | Q4 2023 | 2023 | ||
VLCC | 52,900 | 42,500 | 64,000 | 63,200 | 31,300 | 48,100 | 81% | 28,200 |
Suezmax | 54,600 | 37,600 | 61,700 | 57,900 | 37,100 | 50,300 | 70% | 25,700 |
LR2 / Aframax | 48,000 | 33,900 | 52,900 | 58,800 | 38,500 | 51,300 | 70% | 17,100 |
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We expect the spot TCEs for the full fourth quarter of 2023 to be lower than the TCEs currently contracted, due to the impact of ballast days at the end of the third quarter. The number of ballast days at the end of the third quarter was 429 for VLCCs, 394 for Suezmax tankers and 128 for LR2/Aframax tankers. The estimated spot TCE rates and cash breakeven rates exclude the impact of the Acquisition. The Company expects the Acquisition vessels delivered in the fourth quarter to load their first cargos for the Company in January 2024 and, as such, expects the additional revenues to be recognized in the fourth quarter of 2023 in relation to these vessels to be limited.