Tanker owner Frontline recorded a net profit of $659.2 million, or $2.96 per share, alongside total revenues of $943.3 million for the second quarter ended June 30.
Average daily spot time charter equivalent earnings reached $152,700 for very large crude carriers, $111,500 for Suezmax tankers, and $92,400 for LR2 and Aframax vessels during the three-month period.
According to the company, spot earnings across the full third quarter are expected to soften from currently contracted levels due to the effect of ballast days.
Fleet transactions included agreements signed in July to sell two 2017-built VLCCs for $270 million, which Frontline indicated will yield approximately $179 million in net cash proceeds to fund a special one-time dividend of $0.80 per share upon completion.
The company also finalised the delivery of two Suezmax tankers constructed in 2014 and 2015, generating a $54.7 million gain on sale.
Financing initiatives and margin reductions lowered the weighted average interest rate margin across credit facilities by approximately 52 basis points to 126 basis points upon completion in the third quarter.
“The second quarter of 2026 continued to be volatile,” said Chief Executive Officer Lars H. Barstad, adding that evolving energy supply security priorities and trade lane adjustments continue to affect tanker markets.