Norwegian tanker owner Frontline reported a net profit of $1.22 billion for the six months ended June 30, up from $110.8 million in the same period of 2025, as stronger freight rates lifted revenue.
Total revenue increased to $1.66 billion from $907.9 million a year earlier, with the company citing higher market freight rates and increased time-charter revenue.
Earnings also included $265.6 million in gains from vessel disposals after Frontline delivered eight very large crude carriers and two Suezmax tankers to third-party buyers. Net cash proceeds from the sales, after debt repayments and commissions, amounted to $583.2 million.
The company said disruptions in the Red Sea and wider Middle East had extended voyage distances around the Cape of Good Hope, while record crude exports from the US and Brazil supported tanker ton-mile demand.
It also cited US Energy Information Administration data showing a 4.2 million barrels per day decline in global oil supply during the period, which contributed to crude inventory drawdowns.
Frontline is renewing its fleet alongside the disposals through an agreement to acquire nine scrubber-fitted crude carrier newbuildings for $1.22 billion from af...