- Frontline press release (NYSE:FRO): Q2 Non-GAAP EPS of $0.62 misses by $0.03.
- Revenue of $556.03M (+8.4% Y/Y) beats by $170.09M.
- Achieved average daily spot time charter equivalent earnings for VLCCs, Suezmax tankers and LR2/Aframax tankers in the second quarter of $49,600, $45,600 and $53,100 per day, respectively.
- The number of ballast days at the end of the second quarter of 2024 was 1,043 days for VLCCs, 306 days for Suezmax tankers and 147 days for LR2/Aframax tankers.
- Outlook: We expect the spot TCEs for the full third quarter of 2024 to be lower than the spot TCE currently contracted, due to the impact of ballast days at the end of the third quarter of 2024.
