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

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.