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Frontline Plc: $74,000 VLCC Rates & Strong Early 2026 Bookings—Is the Tanker Supercycle Already Here?

Frontline plc reported strong financial performance for the fourth quarter of 2025, reflecting a sharp increase in tanker freight rates and improving operating efficiency across its fleet. The company generated profit of $228 million, or $1.02 per share, while adjusted profit reached $230 million, or $1.03 per share. This marked a substantial increase from the prior quarter, primarily driven by higher time charter equivalent earnings, which rose from $248 million to $424.5 million. Freight rates across all vessel classes improved meaningfully, with the company achieving average daily earnings of $74,200 for very large crude carriers, $53,800 for Suezmax vessels, and $33,500 for LR2 and Aframax tankers. Early indicators for the first quarter of 2026 show even stronger momentum, with a significant portion of the fleet already booked at materially higher rates.