reports
- Jørgen Lian
Frontline (Buy, TP: NOK280.00) - Front-row ticket to tanker potential
We believe the tanker fundamentals continue to look attractive, in particular for the VLCCs, with a highly manageable ~4% deliveries expected for 2025–2026. Further, we see potential positive catalysts in sanctions further restricting volumes transported on the dark fleet (possibly triggering scrapping postponed by shadow fleet deployment) and signs of a more aggressive volume strategy from OPEC+. Hence, we reiterate our BUY but have reduced out target price to NOK280 (295).
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
FRO – Filing of Annual Report
FRO – Filing of Annual Report Frontline plc (the “Company”) announces the filing of its annual report for the year ended December 31, 2024. The annual report can be downloaded from the Company’s website or from the link below. Additionally, shareholders can request a hard copy of our complete audited financial statements free of charge by writing to us at:John Kennedy 8 Iris Building, 7th floor, Flat/Office 740B,3106, Limassol, Cyprus. or sending an e-mail to April 7, 2025Frontline plcLimassol, Cyprus. Questions should be directed to: Lars H. Barstad: Chief Executive Officer, Front...
Frontline Plc: 1 director
A director at Frontline Plc bought 5,000 shares at 171.050NOK and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- Jørgen Lian
‘The times they are a-changin’
The recurring theme at our 18th Energy & Shipping Conference was geopolitical uncertainty and a potential trade war, warranting a wait-and-see approach, particularly on the Trump 2.0 effect. The consensus view pointed to high asset values, with no rush to the yards, aligning with below-NAV valuations across most of our coverage. However, panellists generally saw less downside risk than the 25% average discount to steel for our Tanker, Dry Bulk and Gas coverage. Overall, the day highlighted uncer...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Jørgen Lian
Frontline Minor model adjustments
We have trimmed our 2025–2026e EBITDA by 1% after updating our forecasts for the Q4 report and Q1 guidance, and introduce our 2027 estimates. We remain positive on tanker fundamentals, particularly for VLCCs, with ~4% deliveries in 2025–2026e against ~23% of the fleet aged 20+ years at end-2026e. Along with potential catalysts such as sanctions and stricter enforcement (13% of the crude fleet is under sanctions, 11% for VLCCs), and Frontline’s current P/NAV of 0.88x (historical average ~1.2x), w...
FRO – Q4 2024 Presentation
FRO – Q4 2024 Presentation Please find enclosed the presentation of Frontline plc´s fourth quarter 2024 results to be held on the webcast / conference call 28 February, 2025 at 15:00 CET. This information is subject to the disclosure requirements pursuant to section 5 – 12 of the Norwegian Securities Trading Act. Attachment
FRO – Fourth Quarter and Full Year 2024 Results
FRO – Fourth Quarter and Full Year 2024 Results FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2024 Frontline plc (the “Company”, “Frontline,” “we,” “us,” or “our”), today reported unaudited results for the three and twelve months ended December 31, 2024: Highlights Profit of $66.7 million, or $0.30 per share for the fourth quarter of 2024.Adjusted profit of $45.1 million, or $0.20 per share for the fourth quarter of 2024.Declared a cash dividend of $0.20 per share for the fourth quarter of 2024.Reported revenues of $425.6 million for the fourth quarter of 2024.A...
FRO – Invitation to Q4 2024 Results Conference Call and Webcast
FRO – Invitation to Q4 2024 Results Conference Call and Webcast Frontline plc.’s preliminary fourth quarter 2024 results will be released on Friday February 28, 2025, and a webcast and conference call will be held at 3:00 p.m. CET (9:00 a.m. U.S. Eastern Time). The results presentation will be available for download from the Investor Relations section at ahead of the conference call. In order to attend the conference call you may do one of the following: a. WebcastGo to the Investor Relations section at and follow the “Webcast” link, or access directly from the link below. b. Confere...
- Jørgen Lian
Frontline (Buy, TP: NOK305.00) - Sun breaking through the mist
We see strong fundamentals in the tanker space, particularly for VLCCs, driven by limited deliveries and an ageing fleet. Meanwhile, factors such as sanctions and disruption to Iranian oil flows could potentially further benefit compliant shipowners. We believe this leaves Frontline’s modern fleet in a strong position, and if a bull-market were to materialise, we see significant upside potential to our 14–21% dividend yields for 2025–2026e. We reiterate our BUY, but have cut our target price to ...
- Karl-Johan Bonnevier
Bravida (Buy, TP: SEK112.00) - Performing well; recovery in H2e
Bravida navigated the slow Nordic installation market well in Q4, with the market demand forecast turning positive for 2025–2026. We focus on the strong FCF generation and financials, attractive capital allocation, and market consolidation opportunities. With management seeing its 7% EBITA margin target as realistic for 2026 (our estimate 6.6%), the risk/reward looks attractive to us, and we reiterate our BUY and SEK112 target price.
- Jørgen Lian
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
FRO – 2024 Annual General Meeting
FRO – 2024 Annual General Meeting Frontline plc (the “Company”) advises that the 2024 Annual General Meeting of the Shareholders of the Company was held on 12 December 2024 at 09:00 a.m. at Metis Tower, 28th October Avenue and Iakovou Tombazi Street, 4th floor, 3107 Limassol, Cyprus. The audited consolidated financial statements for the Company for the year ended 31 December 2023 were presented to the Meeting. In addition, the following resolutions were passed: To re-elect John Fredriksen as a Director of the Company.To re-elect James O’Shaughnessy as a Director of the Company.To re-elect...
- Jørgen Lian
Frontline (Buy, TP: NOK310.00) - Tempered for now, but eager to go
Scepticism among investors and recent news of possible OPEC+ output delays and Middle East de-escalation seem to be at the heart of the reaction to Frontline’s Q3 report. However, we continue to see signs of a market at a tipping point, with potential triggers to reignite belief in the tanker story. At an historical discount to NAV, we believe too much negativity is priced in. We reiterate our BUY, but have cut our target price to NOK310 (340).
FRO – Q3 2024 Presentation
FRO – Q3 2024 Presentation Please find enclosed the presentation of Frontline plc´s third quarter 2024 results to be held on the webcast / conference call 27 November, 2024 at 15:00 CET. This information is subject to the disclosure requirements pursuant to section 5 – 12 of the Norwegian Securities Trading Act Attachment
FRO – Third Quarter and Nine Months 2024 Results
FRO – Third Quarter and Nine Months 2024 Results FRONTLINE PLC REPORTS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2024 Frontline plc (the “Company”, “Frontline,” “we,” “us,” or “our”), today reported unaudited results for the three and nine months ended September 30, 2024: Highlights Profit of $60.5 million, or $0.27 per share for the third quarter of 2024.Adjusted profit of $75.4 million, or $0.34 per share for the third quarter of 2024.Declared a cash dividend of $0.34 per share for the third quarter of 2024.Reported revenues of $490.3 million for the third quarter of 2024.Ach...
FRO – Invitation to Q3 2024 Results Conference Call and Webcast
FRO – Invitation to Q3 2024 Results Conference Call and Webcast Frontline plc.’s preliminary third quarter 2024 results will be released on Wednesday November 27, 2024, and a webcast and conference call will be held at 3:00 p.m. CET (9:00 a.m. U.S. Eastern Time). The results presentation will be available for download from the Investor Relations section at ahead of the conference call. In order to attend the conference call you may do one of the following: a. WebcastGo to the Investor Relations section at and follow the “Webcast” link, or access directly from the link below. b. Confe...
FRO – Notice of Annual General Meeting 2024
FRO – Notice of Annual General Meeting 2024 Frontline plc (the “Company”) announces that its 2024 Annual General Meeting will be held on December 12, 2024. A copy of the Notice of Annual General Meeting and associated information including the Company’s Annual Report on Form 20-F for 2023 can be found on our website at and attached to this press release. November 14, 2024Limassol, Cyprus This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act Attachments ...
Bravida Holding AB: 1 director
A director at Bravida Holding AB sold 12,000 shares at 83.000SEK and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
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