Frontline reports Q3 adjusted EPS 36c, consensus 45c

Reports Q3 revenue $377.1M, consensus $294.41M. The company said, “Frontline more than doubles its VLCC position, gearing up for tighter fundamentals. The fundamental backdrop remains – decades low orderbooks and extended lead times. Increases operational leverage as global oil demand is expected to grow beyond pre-pandemic highs. Short- and medium-term Oil demand expectations are good. Political risk increases the tension in oil and freight markets. Frontlines large modern fleet and efficient business model is ready as the next chapter unfolds.”