- (PLX AI) - Frontline Q2 net income USD -26.6 million vs. estimate USD -23 million.
- • For the third quarter of 2021, says we estimate spot TCE on a load-to discharge basis of $14,000 contracted for 70% of vessel days for VLCCs, $9,800 contracted for 64% of vessel days for Suezmax tankers and $11,800 contracted for 63% of vessel days for LR2 tankers
- • Says expect the spot TCEs for the full third quarter of 2021 to be lower than the TCEs currently contracted, due to the impact of ballast days at the end of the third quarter as well as current freight rates
- • Says a significant portion of the fleet is experiencing negative freight rates and this is not sustainable
- • Frontline CEO says has faced markets like these before, and we continue to position ourselves towards what we believe will be a firm recovery as global markets continues to regain lost ground