#Routes

Frontline Sees Strongest Quarter in Two Decades as Hormuz Crisis Reshapes Tanker Trade

Frontline plc reported its strongest adjusted quarterly earnings in over 20 years, posting first-quarter 2026 profit of $559.1 million with adjusted profit of $344.9 million. The disruption of oil flows through the Strait of Hormuz during the U.S.-Iran conflict sent tanker rates soaring, with average daily spot TCE earnings reaching $103,500 per day for VLCCs, $72,400 for Suezmax tankers, and $50,700 for LR2/Aframax vessels—more than doubling year-over-year. The company declared a quarterly cash dividend of $1.55 per share and secured $737 million in financing for nine latest-generation ECO VLCC newbuildings.