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Frontline Ltd. (FRO) Stock Continues Rising on Momentum Generated in First Half of Fiscal 2021

Frontline Ltd. (FRO) stock prices were up by 1.72% as of the market closing on October 18th, 2021. This brought the price per share up to USD$9.18. Subsequent premarket fluctuations saw the stock rise by 6.86%, bringing it up to USD$9.81.


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Q2 2021 Financial Report

The second quarter of fiscal 2021 saw FRO stock report a net loss of USD$26.6 million, representing a net loss of USD$0.13 per basic and diluted share. Adjusted net loss came out to USD$23.2 million for the quarter, representing an adjusted net loss of USD$0.12 per basic and diluted share. Total operating revenues were reported at USD$170 million. The company reported spot TCEs for VLCCs, Suezmax tankers, and LR2 tankers in the second quarter of 2021 in the amount of USD$15,000, USD$11,000, and USD$10,600 per day, respectively.

Expansion of Contracts

The third quarter of fiscal 2021 saw FRO stock estimate spot TCE on a load-to discharge basis of USD$14,000 contracted for 70% of the total vessel days for VLCCs. USD$9,800 were contracted for 64% of vessel days for Suezmax tankers, while USD$11,800 were contracted for 63% of vessel days of LR2 tankers. The company expects the spot TCEs for the third quarter of fiscal 2021 to be lower than the TCEs currently contracted. This is on account of the impact of ballast days at the end of the third quarter as well as current freight rates.

FRO Stock’s Developments

May 2021 saw FRO stock enter into an agreement regarding the acquisition through resale of six scrubber fitted, latest generation ECO-type VLCC newbuilding contracts. They are currently under construction at the Hyundai Heavy Industries shipyard in South Korea. The delivery of the vessels is scheduled for delivery in the first quarter of fiscal 2022. June 2021 saw FRO stock enter into an agreement to acquire two scrubber fitted, latest generation ECO-type VLCCs built-in 2019 at the HHI shipyard in South Korea. These vessels are scheduled for delivery during the fourth quarter of fiscal 2021.

Future Outlook for FRO Stock

FRO stock is keen to maintain the momentum generated over the first few quarters of fiscal 2021 into the upcoming quarters. The company is pushing for a continued trajectory of success in a bid to usher in unprecedented growth. Current and potential investors are hopeful that management will be able to effectively leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value over the long term.

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