Frontline Plc (NYSE:FRO) reported a fourth-quarter fiscal 2023 revenue decline of 21.8% year-over-year to $415 million, beating the consensus of $270.06 million.
The company’s reported spot TCEs for VLCCs, Suezmax tankers, and LR2/Aframax tankers were 42,300 (vs. 42,500 in Q3), 45,700 (vs. 37,600 in Q3) and 42,900 (vs. 33,900 in Q3) per day.
The company expects the spot TCEs for the first quarter of 2024 to be lower than the TCEs currently contracted due to the impact of ballast days at the end of the fourth quarter.
Net operating income for the quarter declined to $138.05 million from $245.407 million a year ago. Adjusted EPS was $0.46 …
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