Brief: Frontline Sees Q1 Spot TCEs Lower Than Currently Contracted

Frontline

29/02/2024 06:41

Feb 29 (Reuters) - Frontline Ltd  FRO.OL :
    * FRONTLINE HAS DOUBLED ITS EXPOSURE IN THE VLCC MARKET, BY
INCREASING ITS OVERALL EARNINGS CAPACITY BY MORE THAN ONE-THIRD
    * THE CONTINUOUS DISRUPTION IN THE RED SEA HAS CAUSED WEST /
EAST
TRADING LANES TO WIDEN
    * WE EXPECT SPOT TCES FOR THE FULL Q1 2024 TO BE LOWER THAN
THE
TCES CURRENTLY CONTRACTED, DUE TO IMPACT OF BALLAST DAYS AT THE
END OF Q4
    * WE BELIEVE BENEFITS THE LARGER VESSEL CLASSES, OFFERING
ECONOMIES OF SCALE AS OIL AND PRODUCTS MOVE AROUND THE CAPE OF
GOOD HOPE
    * SPOT TCES ESTIMATES IN Q1 OF 2024 INCLUDE THE IMPACT OF
THE
VESSELS DELIVERED AS A RESULT OF ACQUISITION
    * Q4 REPORTED SPOT TCE FOR VLCC $42,300 PER DAY 

Source text for Eikon:  ID: 
Further company coverage:  FRO.OL 

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