- Frontline Ltd (NYSE:FRO) reported a fourth-quarter operating revenue increase of 22% year-over-year to $213.55 million.
- Total operating expenses increased 11.5% Y/Y to $199.6 million.
- Net operating income increased to $18.43 million, from $2.86 million a year ago. The margin expanded by 700 bps to 8.6%.
- Adjusted EPS loss improved to $(0.02) from $(0.10) in 4Q20, missing the consensus of $0.13.
- Reported spot TCEs for VLCCs, Suezmax tankers, and LR2 tankers in Q4 were $16,500, $14,200, and $13,900 per day, respectively.
- As of December 31, 2021, the fleet consisted of 70 vessels with ~12.7 million DWT aggregate capacity.
- Net cash provided by operating activities totaled $62.93 million for FY21, compared to $604.06 million a year ago.
- Frontline held over $115 million in cash and equivalents.
- 1Q22 Outlook: The company estimates spot TCE on a load-to discharge basis of $21,300 contract for 58% of vessel days for VLCCs, $19,600 contract for 65% of vessel days for Suezmax tankers, and $18,800 contract for 56% of vessel days for LR2 tankers.
- Price Action: FRO shares are trading higher by 7.40% at $8.27 on the last check Thursday.
