FRO – First Quarter 2023 Results - Seite 2

Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:

“In May 2023, we entered into a senior secured term loan facility for a total amount of up to $129.4 million to refinance an existing term loan facility with total balloon payment of $80.1 million maturing in August 2023. We intend to use the expected net cash proceeds from the refinancing and from the sale of Front Njord to partially repay our $275.0 million senior unsecured revolving credit facility.”

Average daily time charter equivalents ("TCEs")¹

($ per day)	Spot TCE			Spot TCE estimates	% Covered	Estimated average daily cash breakeven rates
	Q1 2023	Q4 2022	2022	Q2 2023		2023
VLCC	52,500	63,200	31,300	75,000	78%	26,500
Suezmax	64,000	57,900	37,100	65,000	71%	22,700
LR2 / Aframax	56,300	58,800	38,500	65,700	63%	16,800

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.

 

The Board of Directors
Frontline plc
Limassol, Cyprus
May 30, 2023

Ola Lorentzon - Chairman and Director
John Fredriksen - Director
Ole B. Hjertaker - Director   
James O'Shaughnessy - Director
Steen Jakobsen - Director
Marios Demetriades - Director

Questions should be directed to:

Lars H. Barstad: Chief Executive Officer, Frontline Management AS
[phone]

Inger M. Klemp: Chief Financial Officer, Frontline Management AS
[phone]

Forward-Looking Statements

Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.