Frontline sold eight first-generation Eco VLCCs for $831.5 million, generating $477 million in net cash after commissions and debt repayments. The company ended Q4 with $705 million of liquidity, including cash, undrawn revolver capacity and marketable securities, and reports no meaningful debt maturities until 2030.

In Q4 2025, Frontline reported adjusted profit of $230 million, up $188 million quarter-over-quarter, and basic profit of $228 million or $1.02 per share. TCE earnings rose to $424.5 million from $248 million, driven by higher daily VLCC rates of $74,200, reduced operating expenses and favorable supplier rebates.

The company agreed to acquire nine scrubber-fitted Eco VLCC newbuildings from an affiliate for $1.224 billion, with 25% due in Q1 2026 and the balance on delivery. Financing will combine cash on hand with 60% long-term debt to fund the expansion of its modern fleet.

Frontline estimates cash generation potential of $2.8 billion ($12.51 per share) over the next 12 months, implying a 34% yield based on current rates. Management highlighted market volatility from freight derivatives, a supportive oil demand backdrop and a manageable supply outlook with two to three years before capacity pressure emerges.