FRO - Earnings call transcript Q2 2024

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Operator

Good day, and thank you for standing by. Welcome to the Second Quarter 2024 Frontline plc Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Lars Barstad, CEO of Frontline management AS. Please go ahead.

Lars Barstad

for much very you that introduction. Thank thank earnings call. all, you for quarterly Frontline's to in dialing Dear

The we important on that a going of are this ending become later days very has with into summer moneymaking that the Middle the as remember will touching had would notes second all say has East in of I we ahead Frontline a at the call. It's level. low. first to much to the quarter as sanctions I risk be with that have And [indiscernible]. XXXX exciting Complications winter ended and seasonal around And fall volatility, potential decades. in the tightening number not though in regretfully like shareholders for but entered up war softer very on seasonal up the line Russia against

word Before $XX,XXX fleet fleet, numbers in day Suezmax Slide and X TCE I fleet. I'll of on our day $XX,XXX give $XX,XXX Frontline LRX/Aframax our In quarter the run our on through our VLCC on day second on XXXX, deck. to the per Inger, per the per achieved

days amount of balance load basis, end meaning discharge quarter. of on the of end they at to days booked our are booked our $XX,XXX quarter, far Again, affected XXX are and day. of a numbers be by third booked Suezmax these and third our per VLCC XX% at are LRX/Aframax the days So are all up the at days $XX,XXX, will in the of XX% XX% we at $XX, having

keep we short of binary of somewhat seasonal come our loss. bookings do market, came Although of the market as in characteristics expectations, the out especially mind QX in please

let Inger take financial And then you the highlights. through I'll

Inger Klemp

ladies afternoon, Thanks, gentlemen. good and good morning and and Lars,

or $XX.X was ship decrease $XXX.X result to and a the can disposal look tankers per profit million, and the first the a our as million quarter, the decrease of quarter offset Suezmax of income in from earnings to well the of this you expenses, the interest and then adjusted The and report increase quarter, share Let's the per in Slide adjusted by We fleet finance $XX.X TVC TCE administrative share. as expenses, up and or $X.XX of as profit at in profit in slide, increase of as operating expense, million an X. making $X.X million I million second depreciation statement highlights. in quarter. with comparable profit a $XXX.X $X.XX see was turn

marketable X Let's to balance quarter movements as of held to Euronav. the $XXX partly to of drawn revolving VLCC cash the the undrawn including securities facility credit of sale mainly Over then and to this in a the finance related sheet. sheet XX, per sale The million acquisition of XX move also quarter cash cash and repay the first amount releveraging unsecured to to Slide liquidity in to fleet and of in the existing are Frontline part second 'XX. equivalents, minimal the for quarter. June vessels look X requirements the VLCC X senior debt and used in has and was at bank strong the balance fleet from

[indiscernible] and XXXX. until We debt have are meaningful commitments, no remaining newbuilding no there

finance of with earlier. from of to Euronav which of revolving Hemen to completed us second which Then existing the divesting fleet enabled of and repay of VLCC an XXXX, we quarters $XXX aggregate partly the strategy our strong the facility an also [indiscernible] under deleveraging part Slide freeing vessels, up can at the was and our shareholder and older the under capital we million, third look acquisition of the loan also by X. In affiliate XX credit

Total highly debt secured margins improved vessels. up From long-term on refinancing that million have basis. divesting sorry, has ongoing basis of from divesting $X.XX attractive of of years financing with older a $XXX $XXX points we about we is maturity vessels and XX total involved structure net billion, weighted terms vessels. amount in expected capital X this at and The and see through X have XX refinancings with the had cash and about here, optimizing from slide, made recent the this proceeds a refinancing average older million, can a

at then X. look Slide Let's

loans. VLCC, per per It of fleet the X for ECO of and for estimate of breakeven years and result from of per average and about is a LRX day. consists refinancings LRX XX% consists $XX,XXX the the mainly a $XX,XXX X Suezmax average previous $XX,XXX with quarter, approximately vessels tankers, We tankers for next tankers. XX of has per of where XX% day cash tankers XX down is financings for Suezmax Our day and fleet scrubber-fitted. months estimate age rates day XX as slightly It VLCC, an $XX,XXX average

the in VLCC, per This Suezmax tankers. per X OpEx for The average was including X dock includes quarter startup fleet of the and The day XX 'XX, in Suezmax of QX day day. quarter in per quarter. 'XX Suezmax 'XX VLCCs for months. average third [indiscernible] dry next tankers X tankers VLCC and recorded of the first one quarter $X,XXX 'XX. expenses, whereof second of VLCC $X,XXX $X,XXX and in LRX one tankers one one dock and of the per in $X,XXX of of includes fourth estimate X and X quarter suezmax the including the second fleet the for in dry day quarter We VLCC OpEx Suezmax 'XX, VLCC in

at to cash generation days And earnings potential. let's look move Slide has XX Then Frontline about X. annually.

spot at per from is the $X.XX for VLCC, day about market spot spot feed potential of XX,XXX We million generation $XXX $XX,XXX LRX as share. we August experienced for over and tankers $XX,XXX XX or that Clarksons tankers have and per now, Even for market $XX,XXX week are this cash in current base. earnings Research Suezmax

The earnings be spot the is spot market about potential Suezmax current VLCC, the upside market you $XX,XXX XX% that Note from increase decrease higher the potential to this the with from tankers. is LRX sensitivity much should for only cash market XXX%. generation will And that spot see high $XX,XXX and levels $XX,XXX the for and going at XX% increase begins. for forward party when now

to I this, leave the again. With word Lars

Lars Barstad

much, very you Inger. Thank

the to go current the and discussion then narrative. Let's market X on Slide start

it's a surrounding ship have molecule is trade. to of that unknown adverse and involved this You or less Frontline numbers, the other market. current as same is surprising but on will market. developments the I assume, XX focusing new There in And trades. Currently, sanctioned it's we're XX has between some, development to all vessels the notice a sit the theme more months. to a last the at whether over a there lifted been trying crudes. trade, would this sanctioned, a be The has [indiscernible] or that Russian grown is kind crude basically refer among models. compliant what not in activities its Russian of would oil crude the with if in not is how of or quite as explain XX% divide necessarily compliant to these And is their sanction on S&D we to because fleet we've expected We that is market global still X-tier

of activities. you the flags what obviously likewise, so slide. the rise XX% the of same the later also Suezmaxes, And XX% sanction if LRX and related is come And And to attached back fleet have characteristics. basically, currently [indiscernible] the in either -- their have these kind some is in fleet under to kind OFAC, under scrutiny that to have fleet numbers by red we VLCC and tell scrutiny, is is move of same the the the volumes they you to that service or in having of This same of the following the trading, situation. I'll XX% you

East of Chinese increase question to barrels tracking of somewhat see linked explosive in as imports It's surprising soft us increasing. to an considering oil we X.X quite this backdrop. it, million is also the as China. Middle risk far after see month-over-month But August Geopolitical are volatility movements can to ever July. the imply moderate to

that at you least should base this although make on is doesn't China observation. July story really the fantastic not So

slowing book for classes other in oil and expansion transit Global Oil the inventories that are center order is tankers on are there industry demand for in is available is substantial for see. our into weather. is track, XXXX looking at has delivery asset related take and stage. is moved order window the be to any starting rising at we numbers the to a cushion a The also adverse World lows. could historical trend. And events, which limited least at

trade Let's the growth. little move bit and Slide XX more exposed a of to discuss sanction

So the exposing transportation. more increased been, vessels which in GX growth basically exports, months in last for for has scrutiny and the the either EU over seen trade, surrounding Iranian need Russian sanctioned more their there trade. or to by has the operations also We've a being steep an Russian on tonnage basically increased

arise. kind What market, developing Frontline have which in we we've ended tire is up seeing of a that X is

fleet. up have the the XX% or we part interesting The which or XX% you're of fleets involves here to dark that the which have or And the fleet, what the enter compliant then XX% grey of to fleets. dark vessels market, fleet not We tanker grey of refer you would to tanker even a thereabouts. is as involves building tanker

their So fleet. supply compliant basically, they get from the fleet

of So not this tanker by the over regard aging in of do It's vessels conventional compliance whilst kind fleet shrinking applied gray is is market. XX-odd fleet what we the fleet And basically. darker still the the trade growing. overall

trade accelerates. interesting oversupplied continues fleet as grow. unless an the be illicit It dynamic creates soon nonconventional aging The will because market to

to we basically, expect should to darker needs to because to of start increasing to The well, market X as all kept basically scrapping here, reversal that the So parallel happen to the an scrapping, overcrowd moving fleet carries and at the risk and from a one be point mine. close sanctions age start end. have some vessels grey trade compliant and to due will, in

can too implication is you enforcement safety Kind here, their and and spending emissions, question IMO much cetera. where in footprint. can I we And respect of reducing on is of not assure also is sanctions this fleet this CapEx carbon in where et reducing picture.

development and slide, At the this divide. the kind basically bottom how will arrows see indicate this red of of side you right-hand this is

continues are coming but into under new years age the This proceed. overall vessels of no So the to buildings is includes we basically, grow, fleet ships feed as the as gradually shrinking compliant XX the basically market. being recycled,

look move harsh to Slide here and So XX, potential going market. to I'm in upside message, with compliance that the let's the at

XX% of in by the us global most pronounced. on extremely tanker to of the expect barrels it's have the population temperatures call due We basically by where does million seasonality, live and this oil Northern increase to December, Hemisphere, basically lives EIA and X.X turning. consumption

average, is to December. then obviously consumption August X in in and On market sees increase see freight in and by an back, of looking long-term both the the million in X.X barrels transit it to from million period we winter This a pattern, oil earnings.

slide seasonal we to the the looked market trend. If right-hand where starts just the and And were at come this taking weeks basically basically you we're XX bottom at in last the action. -- look years that's to chart,

that have still is of emphasize, quite supply to but of added is as historical well and this, the trend. And XXXX. to end million also a in be oil inventories barrels keep I where India actually oil be OPEC very an transit, is lows. to The of limited dipping unexpected out and whether the would again, currently mind event if we will increased said October. do trading, top to October see to encouraging cushion is long-term supposed question And up offers returned within to between it they in events. in OECD like at the increase is to we and China it X.X from to it the It's

compliant Only shrinking picture. interesting conventional fleet And keep thin. growth moving that And mind to a we the again, very take capacity needle. in or is we need weeks to VLCC XX%. had to market rates the the serve I makes this move tanker think from is the as it previous currently, ago, also, much slide, doesn't fairly although demand sluggish the balance up And X

Basically, months overarching the in the at have saw then muted and in classes books. is side the X.X the vessels big ordered and ordering to look Let's virtually been on XXXX the particular, the at container seen or that over tankers a the in seen And months. in order placed we've theme year first last the basically, X.X we've asset has the have delivery. other X been beginning orders last being the half we contract month, here for of same time, move

the if for consider LRX. low. think But and that for that low we still mentioned medium as looks and order VLCC We book -- there VLCC, Suezmax Suezmax, and Very LRX/Aframax in high to virtually LRXs, for with looks it need I no that for are low before, the so number at is alarming. percentage still or of come order, apply we fleet, sorry, take which you ships XX%, to order, on on Aframaxes not -- it take apply overall that

generations post Suezmax ships sizable for in came to XXXX, onwards. keep we're vessels, post to that sorry, come will 'XX which need also We LRXs, age that in for generation a are of into XXXX and of -- XXXX which mind XXXX VLCC and heading

we this sum questions. into move has high before open to capacity Frontline earnings up as for second up So we been half.

interesting strong with going XXXX. modern a delivery leverage moves Sea, can new the trade, compliance of on situation [ Fed security have ] and balance our create is East The which forward. for volatility and increasing, sanction fleet. Gulf sheet building sensible into the ever is, Red in slots as divide mentioned, growing We a Middle between as There

We have ordering again. seen that has accelerated container

is below of but on. medium seasonal it oil few say and Short The looks term a this, China is what again, I on winter question. coming. know demand a track, I is, people And play course,

we open that, will questions. up for with So

Operator

[Operator Instructions].

will take And Evercore line the of from ISI. first Jonathan comes the Chappell We our question. question now from first

Jonathan Chappell

for re-leveraging is you've question vessels. first completed and says Inger, you. X, older Slide the divesting the of

complete no divestiture be that and expect refinancings want mainly the just point? I the at vessels more is older of this to there's So before should clear, big we XXXX

Inger Klemp

was until that there that were Was first XXXX. refinancings more Your question no correct?

Jonathan Chappell

Correct.

Inger Klemp

any material Well, not ones.

XXXX. your We few Apart your from have second yes. which smaller -- a was, sorry? ones, or question And come question will in next

Jonathan Chappell

the around vessels. that the well? Was process divesting of Is older completed as

Inger Klemp

completed, also is yes. that Yes,

Jonathan Chappell

sale tanker weak Good. refinancing and the interesting a leaseback. It's And the a thought leaseback available the through maybe leasebacks follow-up you've one? of were kind financing as prior cycle was done most doing prior of Okay. wasn't credit markets of that just thing this refinance on attractive. refinancing at then What latest process or sale your sale where the of were this and and in with traditional another question And facilities. and point rates to

Inger Klemp

refinancing Well, sale actually, it's this new sale leaseback current arrangement a is leaseback arrangement.

more. vessels That's arrangement are not standard it's which we doing have in XX a replacing and are we So way, a actually you just the same that not today, type sale-leaseback we way. are value a it bank it's terms upon because is facility a leverage in and the like can XX% look more of kind loan to only like bank a a facility

why that's yes. So --

Jonathan Chappell

is more slide reason did that aggressive lot the of for the China be that where it type to is that, that isolate some in imports. is I maybe an for July. helpful. seasonality there they who've just panic well. extrapolate I slide of guess that China, year? OECD into been China a you XX, That's clear and concern around very Or to mean winter have pretty back of Inger. you Lars, I prepared you the be the And And season you. think the Thank many for let's is way may in this on inventory But take is inventory us more need half about understand Slide not of there a depleted your noted X any remarks, there very Okay. going aggressive China? doesn't and then, and more

Lars Barstad

not It's COVID see. with level we would we it's regards ever out of prices they bit implied inventories stable, but replenish that that mystery, it point. that remember, with period or It been if a that inventory And is speed the used we extremely builds has their their although like of isolated, inventory of oil did a would China, good very the you fairly high with China part as inventories. look China a it's not is chart because might going came whereas less at is to China different, to weak since strategic a more But running public. and apparent not to

just you at being if market, in look However, our this neighbors building there a in bulk is dry somewhat the story. different

very think difficult China to of read So very I now. or right it's to it's important -- just kind

to their that coming mind from need or Russia. in imports they of either take XX% also of China is to We Iran, close the supply keep Venezuela do,

these kind flows of monitor it's difficult accurately. to So

also, more in from the So we Russia coming north. they're taking that know crude

would say China I dark is course. So the

now, there hired consumers And it in during fair. be doesn't the are are winter. And look to notable that the right is, the other countries too good most India. region historically But in one fact,

still think But that of I but if of the China to questionable. QX the their normally grow into growth, going I I be a situation, have QX have the with okay. rest more should don't whether I we towards actually still mutual the that a we're think believe that's rest -- doubt demand -- countries So we'll during think or that I that winter, year-on-year

Operator

from from next question line Nokta Omar comes the of The Jefferies. Instructions] [Operator

Omar Nokta

but I the VLCC into thus the Just couple -- also performance touch about questions touch the of I've quarter. far got booked a you've wanted on third market, -- on to

take scrubber but at say, down just when has account into You've market from obviously bit averaged the got and look $XX,XXX, first impressive over a the you booked say, since we XX% start half, premium. the would still, June, at what quite of which little XQ whether ECO of, I

driven view? your wanted ask in what's just outperformance that I to So perhaps

Lars Barstad

that all, the on to report basis. discharge a of you in load keep fact Omar, need to first mind we Well,

that be to not report. it's So clear peers all how always and not our highlighted. has our peers It's

the book the load happened should the delivered Middle that not what quarter from has But cargo. account for we So a fleet all to too towards Euronav, to the able of is here, expect in us end income QX East. basically new the much you can't almost until fairly we to actually vessels be because received big

during portion that in fact magic this our considering is or Brazil, the how regretfully also also penetration cannibalizing is our base. more or quarter the frontline This hasn't exposure of but kind of the much latter Jones okay QX. Difficulty] it's fleet. because hauling trade too And in trade say in into the we're of and exposure particular, [Technical well, benchmark Gulf, over proud the -- into to Africa, and it's kind of been the to particular we kind U.S. able far that is or having done performance some really and one is try to the XXX been explain that weakness in limit probably short this yes. also keep segment to the ironic we've of -- of keep [Technical Suzmaxes East this soft we've to extent, the Difficulty] What into the reduced some recently, fleet Basin, on there been reflecting of is Index rest -- or lot here a the But try in spot, scrubber whereas I'd put avoid gone part it, that on fleet, QX to kind to no that also oil Atlantic Middle of is and VLCC the based S&P mind Dow of word the West has quite

low high you spread has narrow. that Having between been also the said that, fairly probably noticed and sulfur

months say benefits the pronounced. recent as not could So in the you been has scrubber that more

Omar Nokta

generally fleet? Have or a quick just follow-up Appreciate Vs. point lifting that product just And Okay. your played whole on you on that. the cargo into the just in

Lars Barstad

on but on yes. Suezmaxes, the Not the VLCCs,

So basically cannibalizing our own LRXs.

Omar Nokta

on the Okay. volumes. to export or and seems pullback One, And prolonged at able this exports But we've volume production if of like they seen the how Aframax seemed still Libyan Obviously, you It the from that then may environment? crude more has that. market, be trade least type the here. the at kind react think in just inventory. recent you point. that is market the But in different to from do Suezmax that and this affects away dynamics do VLCCs exposed of more is how within think

Lars Barstad

way occur, of is seen in me well, asked You Suez kind started we've what's of the happened Libyan that that the least would those Canal of Red of I material, to around, in this oil or at the have through Hayden. since actually events but the And before rarely local. used by to disruption Suez. Gulf said disruptions kind started or trade basically, Suez way all with Suez, but east go either Sea

Aframaxes. the of equation, would you're on no to take that say, affects then it again the virtually but limited crude it's have right So if the It VLCCs. that a I impact And you another might up. out one Suezmaxes, impact actually comes on one

Omar Nokta

that guess and I crude Middle trade? become does made that the -- from Libya VLCC in lose if from East, potentially that a And that up you situation, the gets

Lars Barstad

could but replenished Because then U.S, or the be America Europe in from Latin this Potentially, Gulf to to is Africa. predominantly to into disruptions basically or not Libya and it due going Suez. West now also

Omar Nokta

for it. you. And one Okay. then Got more

think and guess, they or barrels? few those the maybe years kind scrutiny its "clean would how not and Iranian but needing dark that move exports dark what's perhaps going do " forward fleet. you -- I the makes would I the on of sanctions fleet a to make those where up there's on more versus the were say crude how market you to where the grey, Just talked wanted back fleet. fleet, I with back terms in grey clean fall market about How ago. ask think the to Iran, do you about that to of on way in a you situation you

Lars Barstad

No.

a anticipated been going likely this is or servicing to making and least has return I be we ever that to development far basically the it kind this less vessels of at able anticipated. market it's think on to I less going compliant for market. than But longer

regime will be quite So a -- on often. it that the an market. means to Iran, compliant -- sanction How even unlikely a or change, the ongoing effect positive any and however, come against discussion this more is this

side you a we But obviously, you why short on. understand from that who our if then can to any inhabitants, can equation, of take come refine to opportunity why then petrol the your crude an this hold go of. From get nation will struggle trade needs you obviously for barrels even for

don't I saying we fleet can trade. we forward What here. fleet accelerating the regretfully, am think So necessarily price do is into compliant much with that aging, I aging a and is is as it's as this move this though this

oil see you more Iran oversupplied X, unless overcrowded for which an or to goes significant to have Russia, actually Will of Venezuela, of start actually, all able kind unlikely. sanctioned same course, market. is So produce

a out So lost recently of I tanker We much regulate in because faith this. one all to think that Singapore kind outside enforcing had and -- -- I nobody blew that's that. put of faith sanctions. lost too all attention to out in a I really

it shipping. -- we that market lot really So Red speak. kind you're to makes because do what as that sense is in we that into much a market. it grow But are doesn't headline that the margins if see -- I But destroyed, the will continue phase. oil the outside we lost Suezmax in of once to or the make still of makes a of just alternative recycling. that is have a XX we'll sense. Sea Nobody that see of that If fleet to a burning really -- believe ship go start I actually of source for turning

to answer it's very Sorry, a long very, question.

Omar Nokta

I very perspective, that No, sobering. Lars. But somewhat appreciate no, not, Thanks, did it yes, interesting.

Operator

comes TEJ the question And [ Investments. Instructions] [Operator Sangoi line ] next of from from the Devin

Unknown Analyst

covered companies global a the you Sea, insurance other fleet dark Lars, How on who and and there this you again, want to the happened, see willing to do that's, that several getting were amount you just about which underwrite. have moving are of spillage in don't instances. crude Yes, I mentioned oil a question you because ask is insurance Red

Lars Barstad

on -- It's other there the to to trade how are cap prior operating in of the illicitly did barrels other this or when we to within the an of oil on done able to club. are crude exercise Russian are how trade many extremely sanction did see many ships and And by to they But vessels raising owners trade how good kind way an recognizable the any that of of price question. of is the these gauge station studies one means at sanction, actually actually basically or by because the vessels trade insured that order actually flags. any that on in basically without much managed Russian in Russian we we've was the P&I getting a to how not many are operating gauge

foundation is for assume or sanctions volumes the the XX% sanction Russian are that of basically that under saying we And exposed.

that -- if horrendous a paints So something picture happens. and

up I actually So the outside be understand, Aden, they're the own but Gulf of Singapore, club, Suezmax blew trying things that a still currently in but you tanker P&I recognized, out that's is figure might in insurance, burning mistaken, question the I that that has vessel the in from end. to

So we I this. think this paints if very, very like events get a more picture big

Unknown Analyst

has Okay. not a landing recovering. you on of about if the economy is Chinese And soft -- have there been doubt U.S. way recession, a if lending. soft into always you sort questioned a not And going economy the about second see question is

see year, do next will you be demand then don't both So there these recover, if a globally? lower oil

Lars Barstad

oil the expected oil global demand globally, think demand have but be we'll growth I limited. don't lower will

the with if that at worried tanker the presumably shrinking demand that fleet shrinking fact perspective. is a couple about tanker we're fleet you -- but the the is -- not too So that efficient least from fleet

Unknown Analyst

mile other affect we've factor, last any the miles because And which change in seen ton ton a the significant months. can over XX

So factor mile see negatively? positively other any do affects or which you

Lars Barstad

No, to mind. comes really nothing there's that

see year. exposed towards period into moving of we explains the normally a winter. partly are the We which volatility weather

that So up. trigger there where actually and nothing sudden -- per was we're changes But certain But thereabouts. X.X sorry, day to supply change like mentioned, changes. XXX enough Libya could losing million That is is apparent obviously barrels see. of I things -- obviously, or kind

in U.S. on Gulf, materially. Brazil but there the have flow year U.S. is, election over seem the wrong invest Coast. the to hit in And which it out out is watch affect exports. is is U.S. again, also of in there one will and which everybody but kind time. see willingness TMX in on Gulf to of -- production thing That altered is every lanes year, not for next growth then Canada so there, so trading doesn't of Guyana West to We pipeline, course, the developing, But a growth an has much production, might to expected been which quite export in new long

kind there I interesting very but numerous to look will material at happen of So think think are nothing spots that kind of I very, soon.

Unknown Analyst

you call the bull cash? flushed Okay. paying with handsome right, you market What so the but be do And cash. seen, you're if goes do dividend, been will as you've out you've much with on

Lars Barstad

to our you do. to investors, dear pay what decide We can then

our basically of is said, yield that investment that equity. -- better on see we jokingly that's opportunity operate we unless Now was a will an that but think how kind we investors return

will We pay all it out.

Unknown Analyst

half the you'll sheet. from to the all -- completed first you see any and yard, out -- you've the see So VLCC one we balance leverage take pretty done don't your ships were now

Or you have see operating you asset good are leverage still any we Do leverage. a financial it? done with acquiring opportunity? So

Lars Barstad

markets in asset that see rates rest confirmation the conviction hope are think the markets the on -- that do we and in we before to line in of side. to the I I our need we with anything have a the

content we the the or to So with order we're either no going now, makes there basically, market $XX,XXX to at per $XX,XXX levels. But these to day, a ship is us right if -- price composition sense to pay fleet is buy have. only continue

Operator

would to [Operator for Instructions] Lars are there As hand I questions, no closing Barstad any to remarks. further like back

Lars Barstad

for crossed keep And season you. in. just you for thank and normal Thank to fingers off good the you, start questions. for very, Thank roll Thank contemplate. listening very to we'll pattern you our

Operator

call. concludes you Thank participating. conference for This today's

You disconnect. may now

Frontline (FRO) 30 Aug 242024 Q2 Earnings call transcript