Frontline Says Q4 Came In Unusually Soft Compared To Previous Years

Reuters

28 Feb

Feb 28 (Reuters) - Frontline Ltd ::
*Q4 ADJUSTED PROFIT OF $45.1 MILLION, OR $0.20 PER SHARE FOR Q4 OF 2024
*Q4 OF 2024 CAME IN UNUSUALLY SOFT COMPARED TO PREVIOUS YEARS
*GLOBAL OIL DEMAND WAS UP MARGINALLY AS YEAR CAME TO AN END, BUT GLOBAL SEABORNE EXPORTS SLOWED IN Q4
*DURING QUARTER WE SAW POSITIVE DEVELOPMENTS IN ENFORCEMENT OF SANCTIONS AGAINST IRAN AND RUSSIA IN PARTICULAR
*THESE TWO COUNTRIES REPRESENT A MATERIAL PART OF SUPPLY TO ASIA, AT COST TO DEMAND FOR VESSELS FRONTLINE OPERATES
*FOR 2025 WE HAVE ALREADY SEEN BROADER SANCTIONS WITH A WIDER SCOPE
*KEY IMPORTERS OF EXPOSED CRUDE ARE DIVERSIFYING AWAY FROM MENTIONED SUPPLIERS
*EXPECT SPOT TCES FOR FULL Q1 OF 2025 TO BE LOWER THAN SPOT TCES CURRENTLY CONTRACTED

((Reuters Investor Briefs; email: reutersinvestor.briefs@thomsonreuters.com))
Source Date/Time = 28-FEB-202506:30:00.29 GMT

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