Brief: Frontline Sees Q3 Spot TCEs To Be Lower Than TCEs Currently Contracted

Frontline

24/08/2023 06:44

Aug 24 (Reuters) - Frontline Ltd  FRO.OL :
    * FOR Q3 OF 2023, WE ESTIMATE SPOT TCE ON A
LOAD-TO-DISCHARGE
BASIS OF $53,200 CONTRACTED FOR 74% OF VESSEL DAYS FOR VLCCS,
$48,800 CONTRACTED FOR 67% OF VESSEL DAYS FOR SUEZMAX TANKERS
AND $40,500 CONTRACTED FOR 57% OF VESSEL DAYS FOR LR2/AFRAMAX
TANKERS
    * SAYS FRONTLINE HAD ANOTHER SOLID QUARTER AS SUPPORTIVE
TANKER
FUNDAMENTALS CONTINUED
    * REPORTED SPOT TCES FOR VLCCS, SUEZMAX TANKERS AND
LR2/AFRAMAX
TANKERS IN Q2 OF 2023 WERE 64,000 , 61,700 AND 52,900 PER DAY,
RESPECTIVELY
    * SAYS CURRENT SOFTNESS IN CERTAIN TANKER SEGMENTS IS IN
LINE WITH
HISTORICAL SEASONAL EXPECTATIONS AND IMPROVING REFINERY MARGINS
ALIGNS WITH MARKET PLAYBOOK FOR THIS TIME OF YEAR
    * OUTLOOK: WE EXPECT SPOT TCES FOR FULL Q3 OF 2023 TO BE
LOWER
THAN TCES CURRENTLY CONTRACTED, DUE TO IMPACT OF BALLAST DAYS AT
END OF Q2

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

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