Frontline rises on Q2 adjusted EBITDA beat

Frontline

24/08/2023 09:24

** Shares in Frontline  FRO.OL  rise about 3.8% after the
Oslo-listed shipping company's results showed a Q2 operating
beat, delivering a 5% beat on adjusted EBITDA
    ** Q2 beat was due to better-than-expected time charter
equivalent (TCE) revenue and also somewhat lower interest
expense, says DNB
    ** Frontline reported an adjusted EBITDA of $300.8 million
(5% versus consensus $285.7 million, 6% versus DNB estimate
$283.8 million)
    ** The company expects the spot TCEs for Q3 to be lower than
currently contracted, due to impact of ballast days at end of
Q2, the company says in an earnings statement
    ** While saying that the company reported a "solid"
guidance, DNB expects the rates to come off towards the quarter
end
    ** Frontline share is top performer on Oslo Benchmark Index
.OSEBX  .OSEBX  

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))