- Business
- Frontline plc (FRO.OL) is a leading shipping company specializing in the seaborne transportation of crude oil and refined petroleum products worldwide through ownership, operation, and chartering of oil and product tankers; its core fleet comprises very large crude carriers (VLCCs), Suezmax tankers, and LR2/Aframax tankers, totaling 81 owned vessels with an aggregate capacity of approximately 17.8 million deadweight tons (DWT) as of December 31, 2024, all featuring modern ECO-designs, with 45 equipped with scrubbers and an average age of around 7.2 years; the company also engages in the charter, purchase, and sale of vessels to optimize its spot-market-focused operations serving major oil trade routes across Asia, the Middle East, Europe, Africa, and the Americas. Founded in 1985 and headquartered in Limassol, Cyprus, Frontline maintains a global commercial network with regional offices supporting voyage planning, fuel procurement, and logistics amid resilient oil demand and geopolitical influences on trade patterns. In recent developments, the company converted seven credit facilities totaling $405.5 million in term loans plus $87.8 million undrawn capacity into flexible revolving reducing facilities up to $493.4 million in September 2025, followed by $374.2 million in prepayments through November 2025 that reduced fleet average cash breakeven rates by about $1,300 per day for the next 12 months and cut mandatory debt repayments by $8.1 million quarterly; it sold its oldest 2011-built Suezmax tanker in September 2025 for a net $36.4 million, generating $23.7 million in cash proceeds after debt repayment; earlier, Frontline expanded via acquisition of 24 VLCCs from Euronav in late 2024, with deliveries completing by early 2025, while divesting older vessels for profit and securing time charters including a three-year deal for one Suezmax tanker in April 2024, alongside increased dividends such as $0.36 per share in Q2 2025 reflecting confidence in robust VLCC rates and market fundamentals.