Frontline reports $659.2 million net profit for Q2 2026

Frontline reported a net profit of $659.2 million for the second quarter ending June 30, 2026, with total revenues reaching $943.3 million. The strong performance was driven by high spot market rates across its fleet, including average daily spot time charter equivalent earnings of $152,700 for very large crude carriers (VLCCs), $111,500 for Suezmax tankers, and $92,400 for LR2 and Aframax vessels.

In July, the company entered agreements to sell two 2017-built VLCCs for $270 million. These sales are expected to yield approximately $179 million in net cash proceeds, which will fund a special one-time dividend of $0.80 per share. Additionally, Frontline finalized the sale of two Suezmax tankers, generating a $54.7 million gain.

CEO Lars H. Barstad noted that the second quarter remained volatile, citing trade lane adjustments and energy supply security priorities as factors affecting the tanker markets. The company’s fleet maintains an average age of 6.6 years, with a significant portion of vessels equipped with exhaust-gas scrubbers to support efficiency and competitiveness.