Frontline Navigates Choppy Waters: Q2 Revenue Soars, But EPS Sinks In Spicy Tanker Market
Frontline Navigates Choppy Waters: Q2 Revenue Soars, But EPS Sinks In Spicy Tanker Market
Frontline Plc (NYSE:FRO) reported second-quarter revenue of $607.5 million, beating the consensus of $382.3 million.
Frontline Plc(紐交所:FRO)報告第二季度營業收入爲60750萬美元,超過38320萬美元的共識。
Reported spot TCEs for VLCCs, Suezmax tankers, and LR2/Aframax tankers were $49,600 (vs. $64,000 last year), $45,600 (vs. $61,700 last year) and $53,100 (vs. $52,900 prior year) per day.
VLCC、Suezmax油輪和LR2/Aframax油輪的即期TCE分別爲49,600美元(去年爲64,000美元)、45,600美元(去年爲61,700美元)和53,100美元(去年爲52,900美元)/日。
In the quarter, ballast days totaled 1,043 for VLCCs, 306 for Suezmax tankers, and 147 for LR2/Aframax tankers.
在本季度,VLCC油輪的壓艙日爲1,043天,Suezmax油輪爲306天,LR2/Aframax油輪爲147天。
Net operating income for the quarter improved to $255.92 million from $252.98 million a year ago. Adjusted EPS was $0.62 versus $0.94 a year ago, missing the consensus of $0.67.
本季度淨營業收入從一年前的25298萬美元提高至25592萬美元。調整後的每股收益爲0.62美元,低於一年前的0.94美元,低於0.67美元的共識。
In the second quarter, operating cash flow was $232.68 million compared to $283.14 million a year ago quarter. FRO held cash and cash equivalents of $359.24 million as of June-end.
第二季度營運現金流爲23268萬美元,低於一年前28314萬美元。FRO截至六月底持有35924萬美元的現金及現金等價物。
In the quarter, the company agreed to sell its oldest Suezmax tanker for a net sales price of $48.5 million. After settling existing debt, the transaction is expected to result in approximately $36.5 million in net cash proceeds.
本季度,該公司同意以4850萬美元的淨銷售價格出售其最老的Suezmax油輪。在償還現有債務後,交易預計將產生約3650萬美元的淨現金收入。
The company secured a $512.1 million sale-and-leaseback commitment to refinance 10 Suezmax tankers, pending final documents. It is expected to generate $101.0 million in Q4 2024, with part allocated to repaying $75.0 million from the $275.0 million Hemen credit facility.
該公司獲得了51210萬美元的出售及租賃承諾,用以再融資10艘Suezmax油輪,等待最終文件。預計將在2024年第四季度產生10100萬美元的資金,部分用於償還來自27500萬美元Hemen信貸方案的7500萬美元。
Dividend: The company declared a dividend of $0.62 per share for the second quarter, payable on or about September 30, 2024. The record date for the dividend will be September 13, 2023.
股息:該公司宣佈每股0.62美元的第二季度股息,將於2024年9月30日左右支付。股息的登記日期爲2023年9月13日。
Lars H. Barstad, Chief Executive Officer said, "The second quarter of 2024 was very much in line with first quarter. Markets carried on at the same pace with positive volatility in an increasingly complicated geo-political landscape. Frontline continued optimizing its position by divesting older assets, consolidating our financials and executing on our strategy of efficiently running one of the largest modern fleets in the tanker market to enhance shareholder returns."
Frontline plc首席執行官Lars H. Barstad表示:「2024年第二季度與第一季度非常一致。市場以同樣的速度繼續運行,地緣政治局勢日益複雜,存在積極的波動性。Frontline繼續通過剝離較舊的資產,整合我們的財務狀況,並執行我們高效運營最大現代船隊之一,以增強股東回報的策略,優化其地位。」
"Seasonality has a big effect on tanker markets, and as most of the global population lives in the northern hemisphere, the summer is the soft period. Historically, refinery utilization increases from here, as the world begins to prepare for winter and volatility in the tanker markets resumes."
「季節性對油輪市場有着很大的影響,由於全球大部分人口居住在北半球,夏季是市場的淡季。歷史數據顯示,從這個時候開始,煉油廠利用率將增加,因爲全球開始爲冬季做準備,油輪市場的波動性將回升。」
Outlook: Frontline anticipates that spot TCEs for the third quarter of 2024 to be lower than current contracted rates due to ballast days at the end of the quarter.
前瞻展望:Frontline預計2024年第三季度的時點TCE降低到季末的駁船天數後與當前簽約利率相比更低。
Looking ahead, the company stated that oil demand is expected to increase in the second half of the year, potentially reaching 104.9 mbpd by December 2024.
展望未來,該公司表示預計今年下半年石油需求將增加,到2024年12月可能達到104.9 mbpd。
Investors can gain exposure to the stock via Invesco Oil & Gas Services ETF (NYSE:PXJ) and SonicShares Global Shipping ETF (NYSE:BOAT).
投資者可以通過Invesco 油氣服務ETF(NYSE: PXJ)和SonicShares全球航運ETF (NYSE: BOAT)獲得該股的曝光。
Price Action: FRO shares are up 0.21% at $23.37 premarket at the last check Friday.
FRO股票在上週五最後一次查詢報價爲23.37美元,盤前上漲0.21%。
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