Frontline plc (NYSE:FRO) reported strong first-quarter 2026 results on Friday.
The tanker operator posted first-quarter profit of $559.1 million, or $2.51 per share, while adjusted profit reached $344.9 million, or $1.55 per share.
Adjusted EPS topped analyst estimates of $1.45, while revenue climbed to $714.2 million, beating analyst estimates of $570.8 million.
Strong Tanker Rates
The company declared a quarterly cash dividend of $1.55 per share. Higher time charter equivalent, or TCE, earnings drove results, with TCE revenue rising to $536.5 million from $424.5 million in the prior quarter.
Average daily spot TCE earnings were $103,500 for VLCCs, $72,400 for Suezmax tankers, and $50,700 for LR2/Aframax tankers, up sharply from a year earlier.
Frontline said second-quarter contracted rates remained elevated at $181,700 per day for VLCCs, $131,300 for Suezmax tankers, and $125,000 for …