Frontline Ltd.
- Open
- 36.79
- Day high
- 38.16
- Day low
- 36.65
- Prev close
- 36.56
- Volume
- 1.9M
- Mkt cap
- $8.5B
- P/E (TTM)
- 9.4
- EPS (TTM)
- $4.06
- P/B
- 3.0
- P/S
- 3.8
- Yield
- 8.21%
- Per share
- $3.13
Frontline Ltd. (FRO) is a Energy company listed on NYSE. The stock is up 98% over the past year. Drillr has 10 published research articles covering FRO.
Frontline Ltd. (FRO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FRO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 22, 2026 | $2.44 | $1.55 | -36.5% | $537M | -7.4% |
| Nov 21, 2025 | $0.27 | $0.19 | -28.8% | $433M | +65.1% |
| Aug 29, 2025 | $0.42 | $0.36 | -14.3% | $480M | +89.5% |
| May 23, 2025 | $0.19 | $0.18 | -4.6% | $428M | +67.4% |
| Feb 28, 2025 | $0.20 | $0.20 | +0.0% | $426M | +68.7% |
| Nov 27, 2024 | $0.43 | $0.34 | -20.9% | $490M | +58.6% |
| Aug 30, 2024 | $0.67 | $0.62 | -7.5% | $556M | +45.4% |
| May 30, 2024 | $0.73 | $0.62 | -15.1% | $578M | +51.9% |
| Feb 29, 2024 | $0.46 | $0.46 | +0.0% | $415M | +48.0% |
| Nov 30, 2023 | $0.45 | $0.36 | -20.0% | $377M | +49.4% |
| Aug 24, 2023 | $0.83 | $0.94 | +13.3% | $513M | +43.9% |
| May 31, 2023 | $0.97 | $0.87 | -10.3% | $497M | +33.9% |
FRO research & analysis
FRO, STNG, INSW Oil Shipping Cohort After Lebanon Ceasefire
Israel-Lebanon ceasefire eases Eastern Med routes but Hormuz transit premium sticks. Oil shipping cohort holds 60-110% one-year gains intact.
STNGINSWHormuz Fee Ultimatum: FRO & ZIM Set for Rate Surge as CVX, XOM Face Margin Squeeze
Trump's April 9 warning over Iranian Hormuz tanker fees heightens shipping disruption risks, positioning FRO and ZIM for rate surges while pressuring CVX and XOM margins. Tankers boast superior leverage with 48% and 33% EBITDA margins versus energy giants' balanced but exposed downstream. Investors should favor shippers amid escalating U.S.-Iran tensions.
ZIMCVXXOMStrait of Hormuz Risk Escalates: FRO Freight Rates Surge While XOM and CVX Face Headwinds
Trump's April 9 Truth Social post warning Iran over Hormuz tanker fees escalates shipping risks, poised to boost FRO's freight rates while testing XOM/CVX margins amid strong FY2025 financials. Tankers lead upside; majors resilient via integration.
XOMCVXCOPStrait of Hormuz: Iran's 15-Ship Cap Threatens 20% of Global Crude — FRO, XOM, CVX in Focus
Iran's April 9 threat to limit Strait of Hormuz to 15 ships/day risks choking 20% of global crude, potentially surging tanker rates for FRO and oil prices for XOM, CVX, COP. Stocks rebounded slightly amid volatility, backed by strong FY2025 FCF and low leverage. Bullish on energy disruption premium.
XOMCVXCOPStrait of Hormuz Crisis: FRO Surges 55% YTD as XOM, CVX Face 20% Supply Cutoff Risk
Two supertankers U-turned in the Strait of Hormuz on April 12, 2026, amid US-Iran talks collapse, heightening risks for 20% of global crude flows. This boosts FRO's freight prospects (YTD +55%, low breakevens) while pressuring XOM/CVX's ME-exposed production (20% for XOM). Bullish tankers, cautious majors ahead of Q1 impacts.
XOMCVXCOPAAPL Shifts iPhone Production to India: Foxconn and Tata Win as China Risk Grows
Trump's demand for full Hormuz reopening as ceasefire precondition threatens oil flows, boosting tanker/container rates for FRO and ZIM while pressuring CVX/XOM refining margins via higher costs and delays. FRO's strong FCF and low valuation position it for gains; energy giants face downside risks despite solid balance sheets. Bullish shippers, trim refiners amid escalation.
ZIMCVXXOMHormuz Shutdown Risk Drives Tanker Rate Rally — FRO and ZIM Positioned to Surge
Trump's demand for full Hormuz reopening before Iran ceasefire escalates shipping risks, poised to drive tanker rates higher for FRO and ZIM via reroutes and premiums. Chevron and Exxon face supply squeezes and cost inflation on Gulf imports, pressuring downstream margins despite upstream resilience. Tanker pure-plays offer the clearest upside in this standoff.
ZIMCVXXOMStrait of Hormuz Reopens: CVX and XOM Win as FRO and ZIM Face Rate Pressure
US-Iran's April 8 ceasefire reopens the Strait of Hormuz, easing shipping risks after months of attacks that boosted FRO and ZIM rates. Energy giants CVX and XOM benefit from supply normalization, supporting margins amid strong FY2025 cash flows. Tankers face rate pressure; majors gain defensive edge.
ZIMCVXXOMStrait of Hormuz: 2-Week Ceasefire Frees 20% of Global Crude — XOM, CVX, FRO in Focus
US-Iran 2-week ceasefire reopens Strait of Hormuz, easing 20% of global crude flows and boosting oil majors/tankers like XOM, CVX, FRO. Stocks rebounded amid FY2025 strength ($23B+ FCF each), but fragility warrants caution. Bullish short-term on supply relief, watch extension.
XOMCVXCOPHow do tanker and LPG shipping rates respond to Middle East conflict escalation?
Middle East conflict escalation drives tanker and LPG shipping rates higher through Red Sea route diversions, sanctions enforcement on Iranian crude, and tightening compliant fleet utilization. Frontline (FRO) and DHT offer the most direct VLCC exposure, INSW provides diversified crude-plus-product upside, Scorpio Tankers (STNG) captures product tanker demand shifts, and Dorian LPG (LPG) is the deep-value play tied directly to Persian Gulf gas exports.
DHTSTNGINSW
Frontline Ltd. company profile
Overview
Frontline Ltd. (NASDAQ:FRO) is a Bermuda-based shipping company founded in 1985 that operates one of the world's largest fleets of oil tankers. The company went public in 2001 and has established itself as a major player in the global crude oil transportation industry. Frontline specializes in seaborne transportation of crude oil and petroleum products worldwide, operating a modern fleet of large tanker vessels that serve oil companies, traders, and refiners across international markets.
Business
Frontline operates in the oil tanker shipping industry, which is a critical component of the global energy supply chain. The company provides seaborne transportation services for crude oil and refined petroleum products between oil-producing regions and consuming markets worldwide. The company operates three main categories of oil tankers, each designed for specific cargo volumes and trade routes: 1. Very Large Crude Carriers (VLCCs) represent Frontline's largest segment with 41 vessels. These massive ships can carry approximately 2 million barrels of crude oil and primarily serve long-haul routes from the Middle East to Asia and other major consuming regions. VLCCs typically generate the highest absolute revenues due to their size and cargo capacity. 2. Suezmax tankers comprise 22 vessels in the fleet. These ships are specifically designed to transit the Suez Canal while fully loaded, carrying approximately 1 million barrels of crude oil. They serve medium-haul trade routes and provide flexibility for accessing markets through the Suez Canal. 3. LR2 (Long Range 2) tankers include 18 vessels that can carry both crude oil and refined petroleum products. These smaller, more versatile vessels serve shorter trade routes and can access ports that larger ships cannot reach. The company's fleet averages 6.6 years in age, with 99% classified as "eco-vessels" that meet modern fuel efficiency standards. Additionally, 56% of the fleet is equipped with scrubber technology, which allows ships to use cheaper, higher-sulfur fuel while meeting environmental regulations by cleaning exhaust emissions.
Revenue model
Frontline generates revenue primarily through time charter and spot market rates for its tanker services. The company earns daily charter rates that vary based on market conditions, vessel type, and route. Customers include major oil companies, trading houses, national oil companies, and refiners who need to transport crude oil and petroleum products between global markets. The business model is asset-intensive, requiring significant capital investment in vessels that generate cash flows over 20-25 year operating lives. Revenue fluctuates based on several key factors: Market demand drivers that increase rates include global oil consumption growth, longer shipping distances due to changing trade patterns, seasonal demand variations (particularly winter heating demand), and geopolitical disruptions that create supply chain inefficiencies. Recent examples include sanctions on Russian oil exports and Red Sea shipping disruptions that force longer routing. Supply-side factors affecting rates include the global tanker fleet size, vessel availability, and fleet utilization rates. The aging global tanker fleet (average age 13.7 years) combined with limited new vessel orders creates potential supply constraints that support higher rates. Operational factors that impact margins include fuel costs (bunker prices), port fees, crew costs, and regulatory compliance expenses. The company's modern, fuel-efficient fleet with scrubber technology provides cost advantages, particularly when fuel price spreads favor high-sulfur fuel oil. External challenges that can pressure margins include economic slowdowns reducing oil demand, new vessel deliveries increasing fleet supply, regulatory changes requiring costly upgrades, and geopolitical stability that reduces shipping inefficiencies and ton-mile demand.
Risks & safety
Frontline demonstrates strong financial safety with solid liquidity and manageable debt levels: • Liquidity position: $413.5 million in cash and short-term investments with additional undrawn credit facilities • Debt management: Debt-to-equity ratio of 1.60, with no significant maturities until 2027 • Cash generation: Strong operating cash flow of $167.8 million in Q4 2024, with free cash flow of $163.5 million • Current ratio: 1.39, indicating adequate short-term liquidity coverage Valuation metrics suggest reasonable pricing: • P/E ratio of 11.8 based on recent earnings • EV/EBITDA of 7.5, reasonable for a cyclical business • Price-to-book ratio of 1.35, close to tangible asset value Other considerations: The cyclical nature of tanker markets creates earnings volatility, but the company's modern fleet and strong balance sheet provide downside protection during market weakness.
Recent development
Over the past few years, Frontline has executed several strategic initiatives to strengthen its market position: Fleet modernization and expansion: The company completed a major fleet upgrade by acquiring 24 modern VLCCs from Euronav in 2024, while simultaneously divesting older, less efficient vessels. This transaction improved the overall fleet quality and age profile while maintaining optimal fleet size. Financial optimization: Frontline refinanced $1.55 billion in debt across 36 vessels, extending maturities to approximately 8 years and improving debt margins by 30 basis points. This provides financial flexibility and reduces refinancing risk. Environmental compliance preparation: The company has positioned its fleet for upcoming environmental regulations, including the EU Emissions Trading System (ETS), through its modern eco-vessel fleet and scrubber installations. This provides competitive advantages as environmental regulations tighten. Market positioning strategy: Management has focused on maintaining spot market exposure rather than committing to long-term time charters, believing this provides better upside potential in strengthening markets. However, they are monitoring increasing interest from oil majors in 5-7 year charter agreements. Operational efficiency improvements: The company has optimized fleet deployment across different trading basins and vessel types to maximize utilization and day rates, particularly during periods of geopolitical disruption that create routing inefficiencies.
FRO company profile · for informational purposes only — not investment advice.
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