Frontline's third-quarter earnings reflected a solid performance amidst improving tanker market conditions, with reported profits of $40.3 million, driven by a wave of higher TCE rates and strong liquidity.

• Reported profit of $40.3 million ($0.18 per share); adjusted profit decreased to $42.5 million primarily due to lower time charter earnings.
• Average TCE rates for VLCCs, Suezmax, and LR2/Aframax fleets were $34,300, $35,100, and $31,400 per day, respectively, with significant bookings for Q4 already secured at elevated rates.
• Strong liquidity position of $819 million in cash and equivalents; no meaningful debt maturities until 2030, enhancing financial stability.
• Fleet consists entirely of eco-vessels, with a reduced average cash breakeven rate expected, improving competitive positioning in the current market environment.
• Positive outlook on oil transit volumes and shipping dynamics, driven by OPEC production adjustments and robust refinery margins, signalling potential for enduring high demand.