Frontline Ltd
(NYSE:FRO)

Frontline Ltd., a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2020, the company operated a fleet of 68 vessels. It is also involved in the charter, purchase, and sale of vessels. Fr...

Website: http://www.frontline.bm

Founded: 1985

Full Time Employees: 157

Sector: Energy

Industry: Oil & Gas Midstream

Energy

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Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-05-31	2022-03-31	2022-02-28	2021-12-31	2021-09-30	2021-08-31	2021-06-30	2021-03-31	2021-02-28	2020-12-31	2020-11-30	2020-09-30	2020-06-30	2020-05-31	2020-03-31	2019-12-31	2019-09-30	2019-08-31	2019-06-30	2019-05-31	2019-03-31	2018-12-31	2018-11-30	2018-09-30	2018-08-31	2018-06-30	2018-03-31	2017-12-31	2017-11-30	2017-09-30	2017-06-30	2017-05-31	2017-03-31	2016-12-31	2016-11-30	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-11-30	2015-08-31	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-08-31	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-05-30	2013-03-31	2012-12-31	2012-11-30	2012-09-30	2012-06-30	2012-02-29	2011-12-31	2011-11-30	2011-08-31	2011-05-31	2011-02-28	2010-12-31	2010-08-31	2010-05-31	2009-12-31	2009-08-31	2009-03-31	2008-12-31	2007-12-31

490,318	432,654,000
45	5,977,000
490,363	438,631,000
194,985	181,595,000
59,446	62,905,000
6,965	15,334,000
84,156	82,830,000
345,552	342,664,000
144,811	95,967,000
5,054	4,124,000
42	-70,000																						-85,000
602	415,000
65,253	41,637,000
60,457	40,319,000
0.27	180
2024 jul-sep	2,025,000
60,206	39,140,000
556,026		480,077,000
51,487		-135,000
607,513		479,942,000
197,795		194,594,000
57,519		59,783,000
12,566		11,517,000
83,714		82,170,000
351,594		348,064,000
255,919		131,878,000
5,647		4,759,000
(73,380		-60,389,000
2,088		111,000
(2,134		176,000
975		2,530,000
189,115		79,065,000
(1,541		-1,522,000
187,574		77,543,000
0.84		350
revenues			427,866,000			1,134,423,000	578,397,000				497,332,000
other operating income			227,000			94,229,000	42,742,000
total revenues and other operating income			428,093,000			1,228,652,000	621,139,000
voyage expenses and commission			179,975,000				207,188,000				158,827,000				113,651,000													123,301,000						97,512,000												55,184,000										43,232,000									70,150,000					58,478,000					75,705,000				67,934,000
ship operating expenses			60,342,000			117,345,000	59,826,000				43,718,000			94,836,000	43,680,000	43,680,000			133,716,000		88,154,000	39,427,000					79,831,000	40,965,000			114,658,000		70,425,000	32,732,000				98,160,000		66,849,000					68,176,000	30,624,000					61,945,000					18,521,000		18,668,000	71,006,000		23,112,000	23,052,000	23,221,000	86,651,000	26,877,000	26,877,000		-30,904,000	36,600,000	29,505,000					51,099,000				45,371,000
administrative expenses			13,348,000			27,412,000	14,846,000				12,638,000			16,240,000	7,142,000	7,142,000			20,782,000		14,332,000	6,384,000					20,604,000	11,355,000			31,896,000		20,880,000	9,892,000				27,989,000		18,769,000					19,167,000	8,568,000					18,887,000					9,995,000		10,962,000	29,825,000		10,324,000	9,070,000	8,460,000	23,168,000	8,431,000	8,431,000			8,338,000	8,324,000					8,080,000				7,876,000
depreciation			81,261,000			171,726,000	88,012,000				55,546,000			73,773,000	37,410,000	37,410,000			109,188,000		71,734,000	35,530,000					66,725,000	32,306,000			85,548,000		55,719,000	27,401,000				94,270,000		63,546,000					70,139,000	35,280,000					73,321,000					16,933,000		16,906,000	64,565,000		22,680,000	22,846,000	23,421,000	76,381,000	26,112,000	26,112,000		-33,115,000	28,301,000	29,399,000					51,508,000				53,053,000
total operating expenses			334,926,000			721,466,000	369,872,000				270,729,000			439,132,000	201,332,000	201,332,000			543,468,000		352,130,000	169,827,000					389,147,000	214,702,000			516,255,000		336,889,000	168,610,000				501,591,000		328,009,000					296,223,000	156,907,000					279,045,000					104,893,000		126,548,000	506,360,000		184,520,000	148,692,000	136,981,000	504,201,000	135,241,000	135,241,000		114,201,000	156,072,000	152,786,000					205,227,000				229,449,000
net operating income			93,167,000			507,186,000	251,267,000				240,892,000			85,831,000	22,927,000	22,927,000			-6,223,000		13,013,000	24,701,000					433,976,000	208,450,000			107,878,000		95,763,000	68,923,000				24,864,000		1,763,000					39,379,000	40,785,000					139,814,000					39,484,000						5,579,000			-127,000			3,081,000		25,450,000					42,812,000				112,191,000
finance income			4,484,000			7,874,000	2,227,000				2,873,000
finance expense			-62,799,000			-144,756,000	-71,376,000				-45,417,000
loss on marketable securities			-1,790,000
share of results of associated companies			941,000			-920,000								5,959,000		-92,000			-724,000		-724,000	65,000
dividends received			1,285,000			1,283,000	308,000				527,000
profit before income taxes			35,288,000			371,482,000	182,367,000				199,440,000
income tax expense			-2,001,000																									-8,000						-42,000												-30,000
profit for the period			33,287,000			368,393,000	180,819,000				199,626,000
basic and diluted earnings per share			0.15			1.65	0.81				0.9
condensed consolidated statements of comprehensive income			2,025				2,024				2,023
items that may be reclassified to profit or loss:
foreign currency exchange gain			-101				660				53				11,000	11,000			-201,000												450,000														270,000	77,000					183,000					65,000					119,000				-55,000				79,000	59,000					171,000				14,000
other comprehensive income			-101				660				53				-1													1						106
comprehensive income			33,186				181,479				199,679				31,147													165,332						40,217																						31,044
377,085					490,318,000
400					45,000
377,485					490,363,000
145,051					194,985,000
44,102					59,446,000
15,298					6,965,000
58,282					84,156,000
262,733					345,552,000
114,752					144,811,000
3,800					5,054,000
(38,110					-82,439,000
17,883					-2,817,000
(1,690					42,000
11,112					602,000
107,747					65,253,000
(4					-4,796,000
107,743					60,457,000
0.48					270
revenues and other operating income
operating expenses
voyage expenses and commissions						404,983,000								254,906,000		113,651,000			279,804,000		176,941,000	86,878,000
other income											14,289,000			6,235,000		2,790,000			11,129,000		7,982,000	4,275,000					13,842,000				24,993,000		16,350,000					17,792,000		11,579,000					9,409,000						13,120,000							10,291,000	27,484,000		8,730,000	7,998,000	7,383,000	18,371,000		6,058,000			5,943,000
net other incomes						-135,704,000								-7,580,000		8,208,000			-24,743,000		-10,787,000	4,180,000					-68,967,000																																									-13,173,000
income tax benefit						-3,089,000	-1,548,000				186,000			-6,000	13,000	13,000			24,000		38,000	14,000					47,000
gain on marketable securities							-1,273,000				-3,173,000				269,000
share of results of associated company							1,214,000				3,738,000				-92,000												-1,427,000	1,234,000			2,810,000		842,000
382,186									377,085,000
1,944									400,000
384,130									377,485,000
173,343									145,051,000
43,445									44,102,000
13,451									15,298,000
41,508									58,282,000
—																																			246,000						112,821,000			-12,238,000
271,747									262,733,000
112,383									114,752,000
211									3,800,000
47,072									17,883,000
5,652									-1,690,000
866									11,112,000
156,445									107,747,000
156,241									107,743,000
0.70									480
2022 jul-sep									2,023,000
72									-52,000
156,313									107,691,000
300,440										512,763,000
264										9,391,000
300,704										522,154,000
141,255										156,610,000
43,735										43,772,000
8,869										11,701,000
39,835										57,096,000
233,622										269,179,000
67,082										252,975,000
141										4,855,000
6,051										1,217,000
125										24,973,000
51,294										230,835,000
51,275										230,674,000
0.25										1,040
2022 apr-jun										2,023,000
197										77,000
51,472										230,751,000
total operating revenues and other income											511,621,000
contingent rental income														-623,000	-551,000	-551,000			-2,615,000		-1,624,000	-663,000					8,270,000	4,736,000																		-3,769,000
171,825													382,186,000
278													1,944,000
102,864													173,343,000
45,562													48,696,000
6,452													13,667,000
37,454													37,843,000
191,341													273,549,000
26													198,000
219													47,072,000
1,215													17,244,000
2021 jul-sep													2,022,000
operating revenues																																																																				-117,282,000
time charter revenues														48,451,000		15,970,000			56,655,000		42,111,000	25,308,000					76,534,000				28,976,000		19,404,000					20,568,000		15,452,000					64,619,000						136,320,000							4,952,000	10,649,000		3,289,000	3,277,000	4,838,000	22,005,000		7,841,000			23,300,000
voyage charter revenues														463,195,000		198,681,000			468,050,000		313,917,000	164,408,000					708,528,000				564,673,000		395,445,000					485,847,000		308,710,000					252,314,000						268,265,000							119,856,000	377,167,000		103,336,000	153,655,000	125,830,000	314,754,000		104,397,000			93,561,000
total operating revenues														517,881,000	217,441,000	217,441,000			535,834,000		364,010,000	193,991,000					798,904,000	411,819,000			619,323,000		431,683,000	238,275,000				525,216,000		336,442,000					327,275,000	177,127,000					418,859,000					144,377,000		135,099,000	424,589,000		118,972,000	169,998,000	143,571,000	373,619,000	125,903,000	125,903,000			126,809,000	167,286,000					234,809,000				331,823,000
other operating gains														7,082,000		6,818,000			1,411,000		1,133,000	537,000					24,219,000				4,810,000		969,000					1,239,000							8,327,000
charter hire expense																			2,593,000		2,593,000	2,271,000					4,454,000				6,307,000		4,244,000					16,135,000		8,490,000					14,611,000						34,552,000												1,044,000	4,176,000		3,973,000			8,880,000
interest income														188,000	47,000	47,000			109,000		84,000	45,000					597,000	480,000			1,016,000		674,000	261,000				556,000		396,000					268,000	126,000					183,000					11,000		15,000	32,000		11,000	7,000	2,000	81,000	33,000	33,000			40,000	20,000					2,161,000				4,076,000
interest expense														-35,894,000	-16,966,000	-16,966,000			-44,634,000		-29,414,000	-14,760,000					-40,859,000	-22,634,000						-23,441,000												-15,024,000										-14,683,000									-22,618,000			-13,173,000		-24,317,000					-36,089,000				-35,511,000
foreign currency exchange loss														-17,000							-17,000						-1,129,000	-1,100,000						-146,000
gain on derivatives														33,798,000	24,921,000	24,921,000			12,204,000		10,989,000	15,710,000												-4,100,000				8,925,000		6,954,000						-178,000
other non-operating items														122,000	18,000	18,000			369,000		380,000	27,000						152,000						37,000				94,000		94,000					1,065,000	554,000					311,000					263,000		134,000	1,056,000		381,000	306,000	242,000	939,000		282,000			341,000										208,000
net income before income taxes														78,251,000		31,135,000
net income														78,245,000	31,148,000				-30,942,000		2,264,000	28,895,000					365,056,000	165,331,000			31,148,000		41,116,000	40,111,000											7,850,000	27,081,000					93,440,000					31,168,000									-19,035,000			-10,092,000		6,803,000					16,898,000				80,756,000
yoy															-200.67%												1072.00%																																																-79.08%
qoq														151.20%							-92.16%						120.80%						2.51%												-71.01%
basic earnings per share														0.38																																																								0.09					0.2				1.02
diluted earnings per share														0.38
other operating gain															6,818,000													11,333,000						-742,000
charter hire expenses																																		2,104,000												9,773,000																			3,973,000					12,117,000
net income before income taxes and non-controlling interest															31,135,000				-30,966,000		2,226,000	28,881,000					365,009,000	165,339,000			31,183,000		41,133,000	40,153,000											7,943,000	27,111,000					93,544,000
net income attributable to non-controlling interest																											-63,000
net income attributable to the company															31,148,000	31,148,000			-30,942,000		2,264,000	28,895,000					364,993,000	165,331,000			31,151,000		41,113,000	40,031,000											7,641,000	27,020,000					93,218,000
basic earnings per share attributable to the company															0.15	0.15			-0.16		0.01	0.15					1.89	0.87			0.18			0.24												0.16
diluted earnings per share attributable to the company															0.15	0.15			-0.16		0.01	0.15					1.85	0.84			0.18
condensed consolidated statement of comprehensive income															2,022													2,020						2,019
foreign exchange gain															-1													1						106
comprehensive income attributable to non-controlling interest
comprehensive income attributable to the company															31,147													165,332						40,137
174,873																	213,546,000
6,996																	4,482,000
74,240																	112,890,000
2,472																	-991,000
50,456																	41,902,000
2,547																	102,000
13,178																	7,107,000
36,114																	38,586,000
179,007																	199,596,000
2,862																	18,432,000
50																	10,000
1,914																	-457,000
336																	85,000
2,541																	5,305,000
2020 oct-dec																	2,021,000
10																																																				34,000
387,083																				170,018,000
12,886																				596,000
85,963																				90,063,000
3,534																				-961,000
38,866																				48,727,000
2,415																				322,000
9,249																				7,947,000
34,419																				36,204,000
174,446																				182,302,000
225,523																				-11,688,000
117																				38,000
(18,225																				-14,654,000
855																				4,813,000
(2,661																				-789,000
(28																				-8,000
(5,900																				-4,721,000
(12																				353,000																					3,000
199,669																				-26,656,000
55																				25,000						-12,000											14,000
199,724																				-26,631,000
(63																																							-59,000
199,661																				-26,631,000
1.01																				-130
2020 apr-jun																				2,021,000
(36																				-24,000						-36,000
199,688																				-26,655,000
63
199,625																				-26,655,000
net (income) loss attributable to non-controlling interest																															3,000
337,999																							174,873,000
(1,388																							6,996,000
113,826																							74,240,000
1,203																							2,472,000
42,349																							50,456,000
2,164																							2,547,000
13,123																							13,178,000
32,302																							36,114,000
204,967																							179,007,000
131,644																							2,862,000
490																							50,000
(24,694																							-15,197,000
758																							1,914,000
(1,129																							-1,617,000
(476																							336,000
2,228																							2,541,000
289																							-19,000
109,110																							-9,130,000
(272																							-47,000
108,838																							-9,177,000
(17																							-10,000
108,821																							-9,187,000
0.60																							-50
0.55																							-50
2019 oct-dec																							2,020,000
108,880																							-9,262,000
17																							10,000
108,863																							-9,272,000
187,640																									247,410,000
3,841																									-1,313,000
93,480																									69,595,000
(1,255																									3,827,000
44,233																									52,775,000
2,063																									2,556,000
11,016																									10,456,000
29,829																									35,931,000
179,366																									175,140,000
12,115																									70,957,000
342																									58,000
(23,082																									-16,104,000
677																									137,000
1,968																									-1,380,000
623																									2,827,000
(2,615																									628,000
22																									-11,000
(9,950																									57,112,000
(18																									14,000
(9,968																									57,126,000
6																									-58,000
(9,962																									57,068,000
(0.06																									290
2019 jul-sep																									2,020,000
(6																									-9,000
(9,974																									57,117,000
193,408																										387,083,000
1,711																										12,886,000
90,664																										85,963,000
(1,524																										3,534,000
37,693																										38,866,000
2,140																										2,415,000
10,988																										9,249,000
28,318																										34,419,000
168,279																										174,446,000
26,840																										225,523,000
413																										117,000
(23,244																										-18,225,000
1,683																										855,000
842																										-2,661,000
(27																										-28,000
(5,582																										-5,900,000
980																										199,669,000
25																										55,000
1,005																										199,724,000
77																										-63,000
1,082																										199,661,000
0.01																										1,010
2019 apr-jun																										2,020,000
969																										199,688,000
(77																										63,000																								-155,000
1,046																										199,625,000
finance lease interest income																															681,000		484,000					1,009,000		701,000					933,000						1,154,000
voyages expenses and commissions																											209,263,000				281,656,000		188,176,000					283,063,000		183,500,000					115,339,000						67,514,000							55,621,500	222,486,000		72,108,000	80,701,000	54,892,750	219,571,000		70,150,000		-50,182,000	64,049,000
loss on derivatives																											-21,746,000	-15,846,000
other non-operating gain																											139,000				114,000		92,000
charterhire expenses																												2,039,000																																															16,585,000				43,900,000
unrealized gain on marketable securities																												-5,397,000
217,050																													337,999,000
8,967																													-1,388,000
94,709																													113,826,000
(1,712																													1,203,000
32,463																													42,349,000
5,109																													2,164,000
9,305																													13,123,000
28,296																													32,302,000
168,170																													204,967,000
57,847																													131,644,000
287																													490,000
(22,961																													-24,694,000
(5,437																													758,000
246																													-1,129,000
(16																													-476,000								-24,000
(4,669																													2,228,000
412																													289,000
25,709																													109,110,000
(219																													-272,000
25,490																													108,838,000
(110																													-17,000																																										-189,000
25,380																													108,821,000
0.15																													600
2018 oct-dec																													2,019,000
(10																													42,000
25,480																													108,880,000
110																													17,000
25,370																													108,863,000
gain on sale of securities																																						1,026,000		1,026,000
166,821																																193,408,000
(554																																1,711,000
94,461																																90,664,000
(6,450																																-1,524,000
32,116																																37,693,000
6,173																																2,140,000
9,221																																10,988,000
31,755																																28,318,000
167,276																																168,279,000
(1,009																																26,840,000
256																																413,000
(24,110																																-23,244,000
802																																1,683,000
(556																																-27,000																						-7,389,000
1,869																																-5,582,000
138																																55,000											169,000
(22,610																																980,000
(59																																25,000																																																		-635,000
(22,669																																1,005,000
(191																																77,000
(22,860																																1,082,000
(0.13																																10
2018 apr-jun																																2,019,000
727																																-36,000
(21,942																																969,000
191																																-77,000
(22,133																																1,046,000
basic and diluted earnings per share attributable to the company																																	0.24
contingent rental expense																																		-1,031,000																						16,212,000		16,131,000	20,769,000		118,000	13,023,000			-302,000				9,904,000
gain on sale of shares																																														771,000
unrealized loss on marketable securities																																		-1,381,000
net loss attributable to non-controlling interest																																		-80,000												-61,000
comprehensive loss attributable to non-controlling interest																																		80
178,580																																			217,050,000
3																																			8,967,000															96,000
79,384																																			94,709,000
(6,957																																			-1,712,000
33,394																																			32,463,000
1,990																																			5,109,000
142,940
112,821
8,884																																			9,305,000
36,388																																			28,296,000
408,844																																			168,170,000
(230,261																																			57,847,000
250																																			287,000
(20,070																																			-22,961,000
(123
(279																																			-16,000
2,331																																			-4,669,000
62																																			412,000
(248,090																																			25,709,000
(181																																			-219,000
(248,271																																			25,490,000
(161																																			-110,000
(248,432																																			25,380,000
(1.46																																			150
140,471																																					188,774,000
(5,949																																					7,909,000
64,611																																					99,563,000
(6,735																																					-4,881,000
34,158																																					31,311,000
3,104																																					7,645,000
9,552																																					9,220,000
35,221																																					30,724,000
139,911																																					173,582,000
(5,389																																					23,101,000
70																																					160,000
(18,745																																					-24,602,000
(62																																																																							-349,000
(47																																					311,000
201																																					1,971,000
86
(23,886																																					2,361,000
(23,902																																					2,337,000
(169																																					-96,000
(24,071																																					2,241,000
(0.14																																					10
2017 jul-sep																																					2,018,000
871
926																																					14,000
(22,976																																					2,351,000
169																																					96,000
(23,145																																					2,255,000
impairment loss on vessels																																													21,247,000						25,480,000								97,709,000		56,178,000			103,724,000
net other expenses
net loss before income taxes and non-controlling interest
net loss attributable to the company
basic and diluted loss per share attributable to the company
cash dividends per share declared
150,148																																							166,821,000
(12,238																																							-554,000
60,155																																							94,461,000
(8,687																																							-6,450,000
37,552																																							32,116,000
4,838																																							6,173,000
10,599																																							9,221,000
34,859																																							31,755,000
139,316																																							167,276,000
(1,406																																							-1,009,000
142																																							256,000
(15,976																																							-24,110,000
475
193																																							-556,000
(3,107																																							1,869,000
511																																							138,000
(19,168																																							-22,610,000
(19,231																																							-22,669,000
(148																																							-191,000
(19,379																																							-22,860,000
(0.11																																							-130
2017 apr-jun																																							2,018,000
(4,292
39																																							727,000
(4,253																																							727,000
(23,484																																							-21,942,000
148																																							191,000
(23,632																																							-22,133,000
178,290																																									178,580,000
50,143																																									79,384,000
(7,201																																									-6,957,000
26,759																																									33,394,000
16,453																																									1,990,000
27,274																																									142,940,000
4,000
8,726																																									8,884,000
34,290																																									36,388,000
160,444																																									408,844,000
17,834																																									-230,261,000
108																																									250,000
(14,197																																									-20,070,000
(143																																									-278,000
15,082																																									2,331,000
(52																																									62,000																																-76,000
18,632																																									-248,090,000
(168																																									-181,000
18,464																																									-248,271,000
(144																																									-161,000
18,320																																									-248,432,000
0.12																																									-1,460
2016 oct-dec																																									2,017,000
1,144																																									-688,000
(230																																									6,000
914																																									-1,253,000
19,378																																									-249,524,000
144																																									161,000
19,234																																									-249,685,000
157,157																																											140,471,000
(2,670																																											-5,949,000
43,984																																											64,611,000
(8,765																																											-6,735,000
30,811																																											34,158,000
16,841																																											3,104,000
8,939
9,413																																											9,552,000
33,432																																											35,221,000
134,655																																											139,911,000
19,832																																											-5,389,000
76																																											70,000						-55,000
(14,717																																											-18,745,000
(319
(31																																											-47,000
896																																											201,000
(55																																											86,000																	119,000
5,682																																											-23,886,000
(73																																											-16,000
5,609																																											-23,902,000
(138																																											-169,000
5,471																																											-24,071,000
0.03																																											-140
2016 jul-sep																																											2,017,000
625																																											871,000
319
(87																																											55,000
857																																											926,000
6,466																																											-22,976,000
6,328																																											-23,145,000
191,756																																												150,148,000
31,989																																												60,155,000
732																																												-8,687,000
32,487																																												37,552,000
20,500																																												4,838,000
8,114																																												10,599,000
35,414																																												34,859,000
154,716																																												139,316,000
37,040																																												-1,406,000
96																																												142,000
(13,829																																												-15,976,000
(4,563
(155																																												193,000
(4,210																																												-3,107,000
137																																												511,000
14,516																																												-19,168,000
(54																																												-63,000
14,462																																												-19,231,000
(150																																												-148,000																																103,000
14,312																																												-19,379,000
0.09																																												-110
interest expenses
gain on sale of securities.																																													1,246,000
impairment loss on securities
basic and diluted earnings per share attributable to the company from continuing operations																																													0.04						0.6
basic and diluted earning attributable to the company																																													0.04						0.6
cash dividends per share declared, as restated for reverse business acquisition and reverse share split																																													0.15						0.75
gain on cancellation and sale of newbuilding contracts and vessels																																														20,565,000
impairment loss on vessels and vessels under capital lease																																														21,247,000
provision for uncollectible receivable
impairment loss on shares
net income from continuing operations																																														27,081,000					93,440,000														-18,486,000
net loss from discontinued operations
154,023																																															178,290,000
12,493																																															-12,000
30,461																																															50,143,000
-																																															-7,201,000		-8,765,000	732,000		13,046,000		1,826,000			1,486,000																121,443,000			4,611,000		9,664,000				-889,000
17,858																																															26,759,000
13,046																																															16,453,000
5,246																																															8,726,000
23,157																																															34,290,000
89,768																																															160,444,000
76,748																																															17,834,000
34																																															108,000
161																																															-143,000
316																																															-52,000
58,769																																															18,632,000
58,619																																															18,464,000
58,558																																															18,320,000
0.45																																															120
107,456																																																	157,157,000
32,695																																																	-2,670,000
27,282																																																	43,984,000
17,826																																																	30,811,000
13,265																																																	16,841,000
2,550																																																	9,413,000
10,470																																																	33,432,000
71,393																																																	134,655,000
68,758																																																	19,832,000
5																																																	76,000
(3,291																																																	-14,717,000
30																																																	-31,000
(3,710																																																	896,000
61,868																																																	5,682,000
0.53																																																	30
103,937																																																		191,756,000
42,809
26,256																																																		31,989,000
16,066																																																		32,487,000
10,610																																																		20,500,000
1,492																																																		8,114,000
10,159																																																		35,414,000
64,583																																																		154,716,000
82,163																																																		37,040,000
(3,561																																																		-13,829,000
(1,138																																																		-4,563,000
1,186																																																		-4,210,000
20																																																		137,000
78,596																																																		14,526,000
(55,436
23,160																																																		14,472,000
0.20																																																		90
gain on cancellation and sale of newbuilding contracts
share of results from associated company
basic and diluted loss per share attributable to the company from discontinued operations
76,074																																																				154,023,000
1,993																																																				12,493,000
28,916																																																				30,461,000
11,226																																																				17,858,000
1,041																																																				5,246,000
8,413																																																				23,157,000
49,596																																																				89,768,000
28,471																																																				76,748,000
2,884
25,832																																																				58,769,000
62,792																																																				-61,000
135,619																																																						121,513,000
69,677																																																						30,878,000
24,842																																																						23,688,000
7,628																																																						23,009,000
10,431																																																						11,931,000
41,531
19,039																																																						14,581,000
173,148																																																						104,087,000
(37,529																																																						19,252,000
14																																																						31,000
(26,425																																																						-9,027,000
3,069																																																						7,090,000
(207																																																						-202,000
(3,643
369																																																						740,000
(64,352																																																						17,617,000
(23																																																						-45,000
(64,375																																																						17,572,000
4,728																																																						-145,000
(59,647																																																						17,427,000
(0.60																																																						90
24,600																																																						45,600,000
18,600																																																						28,100,000
2014 jul-sep																																																						2,015,000
85																																																						-265,000
(471																																																						-7,654,000
(64,846																																																						9,918,000
(4,728																																																						145,000
(60,118																																																						9,773,000
118,972																																																							134,777,000
72,108																																																							32,487,000
23,112																																																							23,526,000
118																																																							18,258,000
10,324																																																							10,368,000
56,178
22,680																																																							17,131,000
184,520																																																							101,770,000
11																																																							14,000
7,405																																																							-3,477,000
119
381																																																							159,000
716																																																							-177,000
13,900																																																							50,600,000
12,400																																																							33,800,000
2014 apr-jun																																																							2,015,000
598																																																							-357,000
467																																																							-367,000
gain on sale of assets and amortization of deferred gains																																																																	9,211,000					10,950,000					13,230,000				9,817,000
share of results from associated companies																																																								5,748,000		2,759,000	11,036,000		7,405,000	562,000	3,261,500	13,046,000		4,681,000													-173,000
debt conversion expense
gain on bond buy back																																																								333,000
loss from de-consolidation of subsidiaries
net income before tax and noncontrolling interest																																																								31,221,000
taxes																																																								-53,000									-97,000					-85,000					-63,000				-49,000
net loss attributable to noncontrolling interest																																																								-44,000		151,000	8,571,000		716,000	3,127,000	966,000	1,607,000	280,000	280,000			236,000	372,000
net income attributable to frontline ltd.																																																								31,124,000									-18,755,000			-10,092,000		7,175,000					15,465,000				79,688,000
basic earnings per share attributable to frontline ltd.																																																								0.25									-0.24
income on time charter basis ( per day)*
vlcc																																																								49,400														25,600									45,300
suezmax																																																								33,100														19,500									31,800
basis = calendar days minus off-hire. figures after deduction of broker commission.
consolidated statements of comprehensive income																																																								2,015
unrealized gain from marketable securities																																																								-64
foreign currency translation gain																																																								-60
other comprehensive gain																																																								-124
comprehensive income attributable to noncontrolling interest																																																								44
comprehensive loss attributable to frontline ltd.																																																								31,000
143,571																																																									135,099,000
13,826																																																									40,347,000
80,170																																																									63,881,000
23,221																																																									18,668,000
1,709																																																									16,131,000
8,460																																																									10,962,000
23,421																																																									16,906,000
136,981																																																									126,548,000
20,416																																																									48,898,000
2																																																									15,000
(22,417																																																									-15,391,000
493																																																									-7,170,000
32																																																									-60,000
(12,654																																																									-41,067,000
328																																																									430,000
(13,800																																																									-12,859,000
(9																																																									-268,000
(13,809																																																									-13,127,000
(188
(13,997																																																									-13,127,000
966																																																									151,000
(13,031																																																									-12,976,000
(0.15																																																									-120														-4,410
22,400																																																									27,900,000
12,900																																																									26,000,000
bareboat charter revenues																																																											9,289,000		3,617,000	5,068,000	5,520,000	18,489,000		7,607,000			4,005,000
gain from sale of assets and amortization of deferred gains																																																															2,433,000	9,732,000		9,211,000			3,288,000
net operating loss
net loss before income taxes and noncontrolling interest
net loss attributable to frontline ltd.
basic and diluted loss per share from continuing operations, excluding loss attributable to noncontrolling interest
basic and diluted loss per share from discontinued operations
basic and diluted loss per share attributable to frontline ltd.
121,222																																																												118,972,000
521
74,236																																																												72,108,000
32,787																																																												23,112,000
(304																																																												118,000
203
7,325																																																												10,324,000
81,324																																																												56,178,000
26,227																																																												22,680,000
221,798																																																												184,520,000
(100,055																																																												-65,548,000
36																																																												11,000
(22,908																																																												-21,216,000
2,298																																																												7,405,000
324																																																												381,000
(120,360																																																												-78,848,000
(94																																																												-98,000
(120,454																																																												-78,946,000
(481
(120,935																																																												-78,946,000
658																																																												716,000
(120,277																																																												-78,230,000
(1.54																																																												-810
14,100																																																												13,900,000
13,800																																																												12,400,000
2013 apr-jun																																																												2,014,000
(215																																																												598,000
(35																																																												-131,000
(250																																																												467,000
(121,185																																																												-78,479,000
(120,527																																																												-77,763,000
(658																																																												-716,000
gain on redemption of debt
share of income (losses) from associated companies																																																																	4,681,000
other non-operating income																																																																	282,000					5,839,000
net loss before tax and noncontolling interest																																																																	-18,389,000
net income from discontinued operations																																																																	-549,000
basic and diluted loss per share from continuing operations
basic and diluted earnings per share from discontinued operations
income from sale of assets and amortization of deferred gains
profit share expense																																																																						31,000					2,250,000				11,315,000
mark to market of derivatives
loss on sale of securities
net income before income taxes and noncontrolling interest																																																																				-10,092,000
net income attributable to noncontrolling interest																																																																											-1,433,000				-1,068,000
basic and diluted loss per share
number of shares used in calculation of basic and diluted loss per share
equity (losses) income from unconsolidated subsidiaries and associated companies
loss per share attributable to frontline ltd. stockholders:
cash sweep expense																																																																						14,932,000
share of losses from associated companies																																																																						-163,000					-231,000
net income before taxes and noncontrolling interest																																																																						6,888,000					16,961,000				80,805,000
income on timecharter basis ( per day per ship)*
suezmax obo																																																																						37,800									47,900
226,165																																																																							181,981,000
4,611																																																																							-312,878,000
67,352																																																																							67,673,000
1,982																																																																							-347,000
53,584																																																																							39,098,000
17,610																																																																							14,758,000
7,970																																																																							9,397,000
52,972																																																																							44,057,000
201,470																																																																							174,636,000
29,306																																																																							-305,533,000
2,724																																																																							29,000
(37,677																																																																							-37,188,000
103																																																																							-65,000
(5,247																																																																							-816,000
(10,901																																																																							-343,762,000
(10,963																																																																							-344,111,000
(882																																																																							445,000
(11,845																																																																							-343,666,000
251,111																																																																									173,914,000
6,843																																																																									3,787,000
71,195																																																																									72,061,000
5,839																																																																									-1,581,000
49,555																																																																									45,378,000
20,543																																																																									16,740,000
8,400																																																																									9,871,000
53,985																																																																									49,603,000
209,517																																																																									313,515,000
48,437																																																																									-135,814,000
2,732																																																																									251,000
(39,175																																																																									-32,522,000
(120																																																																									-111,000
338																																																																									21,000
561																																																																									1,707,000
12,773																																																																									-166,468,000
12,721																																																																									-166,544,000
(463																																																																									388,000
12,258																																																																									-166,156,000
0.16																																																																									-2,130
29,800																																																																									17,000,000
18,200																																																																									9,500,000
48,600																																																																									38,200,000
356,116																																																																										219,398,000
9,664																																																																										-12,033,000
76,227																																																																										80,348,000
11,430																																																																										160,000
47,169																																																																										51,435,000
52,498																																																																										17,518,000
7,637																																																																										8,538,000
52,841																																																																										50,429,000
247,802																																																																										208,428,000
117,978																																																																										-1,063,000
3,900																																																																										1,517,000
167																																																																										-21,000
81,545																																																																										-35,209,000
81,490																																																																										-35,253,000
81,306																																																																										-35,244,000
1.04																																																																										-450
46,600																																																																										26,100,000
31,000																																																																										15,800,000
47,700																																																																										31,300,000
other non-operating gains																																																																											8,137,000
262,141																																																																												226,165,000
61,034																																																																												67,352,000
5,748																																																																												1,982,000
54,409																																																																												53,584,000
34,528																																																																												17,610,000
8,241																																																																												7,970,000
59,317																																																																												52,972,000
223,277																																																																												201,470,000
38,864																																																																												29,306,000
5,726																																																																												2,724,000
(40,479																																																																												-37,677,000
(177																																																																												-110,000
1,149																																																																												-5,247,000
4,933																																																																												-10,901,000
(255																																																																												-62,000
4,678																																																																												-10,963,000
(755																																																																												-882,000
3,923																																																																												-11,845,000
0.05																																																																												-150
33,200																																																																												24,700,000
21,300																																																																												16,500,000
42,800																																																																												45,100,000
281,536																																																																														356,116,000
48,691																																																																														76,227,000
8,016																																																																														11,430,000
50,794																																																																														47,169,000
45,218																																																																														52,498,000
7,016																																																																														7,637,000
59,667																																																																														52,841,000
219,402																																																																														247,802,000
62,134																																																																														117,978,000
5,551																																																																														3,900,000
(40,131																																																																														-37,555,000
(101																																																																														-112,000
(325																																																																														167,000
1,262																																																																														-2,833,000
28,390																																																																														81,545,000
(48																																																																														-55,000
28,342																																																																														81,490,000
(572																																																																														-184,000
27,770																																																																														81,306,000
0.36																																																																														1,040
547,509																																																																																	281,536,000
126,761
139,484																																																																																	48,691,000
33,142																																																																																	8,016,000
52,922																																																																																	50,794,000
57,444																																																																																	45,218,000
10,261																																																																																	7,016,000
53,885																																																																																	59,667,000
347,138																																																																																	219,402,000
327,132																																																																																	62,134,000
10,004																																																																																	5,551,000
(46,833																																																																																	-40,131,000
(103																																																																																	-101,000
(30																																																																																	-325,000
29,000																																																																																	1,262,000
319,170																																																																																	28,390,000
(97																																																																																	-48,000
319,073																																																																																	28,342,000
(675																																																																																	-572,000
318,398																																																																																	27,770,000
4.25																																																																																	360
86,300																																																																																	38,400,000
72,000																																																																																	26,800,000
44,100																																																																																	42,700,000
331,596																																																																																		451,513,000
53,565
92,857																																																																																		141,464,000
16,106																																																																																		15,651,000
45,631																																																																																		55,132,000
19,349																																																																																		56,026,000
11,500																																																																																		9,335,000
56,793																																																																																		58,562,000
242,236																																																																																		336,170,000
142,925																																																																																		115,343,000
14,373																																																																																		9,573,000
(49,630																																																																																		-45,480,000
1,768																																																																																		2,206,000
91,891																																																																																		-28,353,000
201,268																																																																																		52,654,000
(254																																																																																		-213,000
201,014																																																																																		51,552,000
2.70																																																																																		660

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-05-31	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-05-31	2019-03-31	2018-12-31	2018-11-30	2018-09-30	2018-08-31	2018-06-30	2018-03-31	2017-12-31	2017-11-30	2017-09-30	2017-06-30	2017-05-31	2017-03-31	2016-12-31	2016-11-30	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-11-30	2015-09-30	2015-08-31	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-08-31	2014-06-30	2014-05-31	2014-03-31	2013-12-31	2013-09-30	2013-05-30	2013-03-31	2012-12-31	2012-11-30	2012-09-30	2012-08-31	2012-06-30	2012-03-31	2012-02-29	2011-12-31	2011-11-30	2011-08-31	2011-06-30	2011-05-31	2011-03-31	2011-02-28	2010-12-31	2010-08-31	2010-06-30	2010-05-31	2010-03-31	2009-12-31	2009-08-31	2009-06-30	2007-12-31	2004-06-16	2003-12-31

assets
current assets
cash and cash equivalents	189,427,000	476,717,000	436,538,000	413,532,000	320,885,000	359,236,000	297,351,000	308,322,000	285,384,000	306,823,000	225,361,000	254,525,000	127,356,000	119,811,000	111,176,000	111,176,000	113,073,000	122,055,000	140,361,000	151,010,000	174,721,000	194,110,000	224,720,000	218,541,000	174,223,000	103,834,000	90,793,000	95,820,000	66,484,000	66,484,000	68,642,000	68,642,000	116,057,000	116,057,000	104,145,000	104,145,000	119,086,000	128,411,000	128,411,000	127,534,000	202,402,000	202,402,000	124,149,000	129,617,000	129,617,000	264,524,000	264,524,000	94,970,000	94,970,000	78,159,000	78,159,000	64,080,000	104,599,000	104,599,000	62,436,000	62,436,000	111,229,000	111,229,000	79,279,000	79,279,000	109,495,000	109,495,000	137,603,000	164,484,000	164,484,000	177,149,000	169,511,000	169,511,000	160,566,000	160,566,000	191,027,000	173,152,000	173,152,000	182,976,000	182,976,000	176,639,000	176,639,000	168,609,000	168,609,000	85,526,000	85,526,000	82,575,000	120,604,000	120,604,000	168,432,000	26,519,000	26,519,000
marketable securities	2,223,000	1,988,000	1,877,000	4,027,000	5,430,000		6,159,000	7,432,000	230,196,000	212,313,000	233,108,000	236,281,000	213,258,000		2,704,000	2,704,000	2,435,000				2,639,000	1,746,000	1,534,000	3,945,000	1,124,000		978,000	955,000	836,000	836,000	1,122,000		1,097,000		19,231,000	19,231,000	32,346,000	35,753,000		53,418,000	8,428,000	8,428,000	7,284,000	6,659,000		13,853,000	13,853,000																1,235,000							685,000							51,481,000					62,920,000			15,684,000
other current assets	408,257,000	409,131,000	397,149,000	408,454,000	455,930,000	13,111,000	490,678,000	7,258,000	340,225,000	378,439,000	375,003,000	5,285,000	352,505,000	4,989,000	241,848,000	241,848,000	3,851,000	3,052,000	3,419,000	2,134,000	2,729,000	187,233,000	220,994,000	262,749,000	260,146,000	6,620,000	192,151,000	207,045,000	231,113,000	5,359,000	209,453,000	2,681,000	188,408,000	4,730,000	187,225,000	13,000	162,725,000	163,393,000	3,000	166,379,000	172,119,000	3,000	153,045,000	159,465,000	38,000	188,720,000	408,000	122,066,000	122,066,000	145,995,000		127,089,000	137,127,000		140,952,000		144,686,000		139,114,000		125,825,000			149,384,000		176,179,000	174,255,000	174,255,000	149,273,000		152,084,000	175,747,000	175,747,000	197,839,000	197,839,000	229,032,000		344,623,000	344,623,000	399,615,000	399,615,000	139,000	225,347,000	225,347,000	64,000
total current assets	599,907,000	887,836,000	835,564,000	826,013,000	782,245,000	859,268,000	839,705,000	727,926,000	855,805,000	897,575,000	833,472,000	881,050,000	693,119,000	573,849,000	355,728,000	355,728,000	332,745,000	320,490,000	331,650,000	374,597,000	378,319,000	404,423,000	468,477,000	499,597,000	448,488,000	316,964,000	293,728,000	312,044,000	308,245,000	308,245,000	295,387,000	295,387,000	319,454,000	319,454,000	321,614,000	321,614,000	314,823,000	328,583,000	328,583,000			383,626,000			301,246,000		467,465,000				224,565,000			257,833,000		240,039,000		330,783,000		277,629,000		306,417,000	392,030,000		389,603,000					410,405,000							587,762,000					783,182,000			1,062,786,000	111,064,000	111,064,000
non-current assets
vessels and equipment	4,978,460,000	5,086,678,000	5,165,512,000	5,246,697,000	5,354,100,000	5,435,574,000	5,620,472,000	4,633,169,000	3,564,317,000	3,622,364,000	3,708,885,000	3,650,652,000	3,596,091,000	3,531,470,000	3,372,562,000	3,372,562,000	3,477,801,000	3,355,276,000	3,340,987,000	3,322,450,000	3,307,144,000	3,325,114,000	3,346,183,000	3,218,903,000	2,579,905,000	2,595,170,000	2,605,477,000	2,535,320,000	2,476,755,000	2,476,755,000	2,502,380,000	2,502,380,000	2,526,707,000	2,526,707,000	2,342,130,000	2,342,130,000	2,362,992,000	2,042,112,000	2,042,112,000	1,768,609,000	1,477,395,000	1,477,395,000	1,491,738,000	1,249,027,000	1,249,027,000	1,189,198,000	1,189,198,000	110,922,000	110,922,000	111,382,000	111,382,000	56,624,000	57,276,000	57,276,000	272,179,000	272,179,000	219,390,000	219,390,000	269,151,000	269,151,000	278,280,000	278,280,000	282,946,000	287,444,000	287,444,000	291,757,000	296,287,000	296,287,000	312,292,000	312,292,000	1,211,891,000	1,326,300,000	1,326,300,000	1,343,411,000	1,343,411,000	1,430,124,000	1,430,124,000	1,227,519,000	1,227,519,000	851,311,000	851,311,000	678,694,000	699,162,000	699,162,000	208,516,000	1,863,504,000	1,863,504,000
goodwill	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,452,000	112,451,000	112,452,000	225,272,000	225,273,000	225,273,000	225,272,000	225,273,000	225,273,000	225,273,000	225,273,000	225,273,000	225,273,000	225,273,000
investment in associated company	8,778,000	9,481,000	9,305,000	11,788,000	11,508,000		13,600,000		12,269,000	13,959,000	12,742,000		13,670,000	6,514,000	463,000	463,000	555,000	555,000	555,000	1,343,000	1,279,000	2,896,000	4,164,000	6,825,000	4,927,000	6,056,000	4,088,000	3,246,000	6,246,000	6,246,000	6,000,000	6,000,000
other non-current assets	10,835,000	13,081,000	15,546,000	22,422,000	21,594,000		35,659,000	6,329,000	52,710,000	52,708,000	48,746,000	1,507,000
total non-current assets	5,110,525,000	5,221,692,000	5,302,815,000	5,394,794,000	5,501,297,000		5,784,189,000		3,744,210,000	3,804,160,000	3,885,717,000		3,855,542,000		3,705,225,000	3,705,225,000						3,579,326,000	3,583,175,000	3,498,316,000	3,249,330,000		2,875,329,000	2,810,264,000	2,769,596,000		2,836,196,000		2,935,664,000		2,812,114,000		3,096,491,000	2,892,489,000
total assets	5,710,432,000	6,109,528,000	6,138,379,000	6,220,807,000	6,283,542,000	6,451,415,000	6,623,894,000	5,882,766,000	4,600,015,000	4,701,735,000	4,719,189,000	4,768,443,000	4,548,661,000	4,365,102,000	4,060,953,000	4,060,953,000	4,117,098,000	3,988,433,000	3,981,582,000	3,927,737,000	3,918,221,000	3,983,749,000	4,051,653,000	3,997,913,000	3,697,818,000	3,588,440,000	3,169,057,000	3,122,308,000	3,077,841,000	3,077,841,000	3,131,583,000	3,131,583,000	3,255,118,000	3,255,118,000	3,133,728,000	3,133,728,000	3,411,314,000	3,221,072,000	3,221,072,000	3,149,690,000	2,966,317,000	2,966,317,000	2,922,859,000	2,948,063,000	2,948,063,000	2,886,654,000	2,886,654,000	851,154,000	851,154,000	872,586,000	872,586,000	962,179,000	1,038,035,000	1,038,035,000	1,251,802,000	1,251,802,000	1,374,081,000	1,374,081,000	1,409,143,000	1,409,143,000	1,583,665,000	1,583,665,000	1,688,221,000	1,725,718,000	1,725,718,000	1,803,043,000	1,819,483,000	1,819,483,000	1,840,569,000	1,840,569,000	3,273,610,000	3,526,004,000	3,526,004,000	3,655,381,000	3,655,381,000	3,797,920,000	3,797,920,000	3,966,754,000	3,966,754,000	3,658,179,000	3,658,179,000	3,715,218,000	3,903,636,000	3,903,636,000	3,762,091,000	2,156,348,000	2,156,348,000
liabilities and equity
current liabilities
short-term debt and current portion of long-term debt	293,561,000	317,630,000	319,400,000	460,318,000	402,152,000	455,040,000	324,530,000	261,999,000	365,035,000	362,547,000	365,233,000	277,854,000	256,915,000	416,877,000	434,484,000	434,484,000	189,286,000	166,728,000	326,462,000	172,216,000	167,082,000					129,236,000				120,479,000		124,202,000		122,240,000		113,078,000			89,770,000			67,365,000			65,966,000		57,575,000				4,006,000			196,942,000		208,924,000		58,806,000		22,543,000		22,022,000	20,700,000		21,572,000					19,521,000							173,595,000					123,884,000			96,811,000
other current payables	144,734,000	155,847,000	138,498,000	134,182,000	144,384,000		153,461,000		110,816,000	103,950,000	108,680,000
total current liabilities	438,295,000	473,477,000	457,898,000	595,653,000	547,679,000	621,808,000	479,107,000	409,054,000	476,941,000	467,574,000	474,965,000	391,659,000	424,612,000	542,844,000	538,130,000	538,130,000	292,675,000	267,470,000	426,679,000	273,258,000	281,361,000	363,387,000	666,339,000	640,273,000	848,123,000	525,832,000	237,898,000	226,385,000	214,218,000	214,218,000	224,274,000	224,274,000	238,417,000	238,417,000	222,000,000	222,000,000	213,694,000	197,446,000	197,446,000			182,749,000			232,831,000		242,037,000				172,360,000			324,364,000		323,140,000		173,755,000		134,886,000		124,335,000	186,621,000		190,807,000					167,384,000							503,577,000					605,362,000			590,226,000	484,234,000	484,234,000
non-current liabilities
long-term debt	2,946,162,000	3,269,305,000	3,351,173,000	3,284,070,000	3,386,743,000	3,402,413,000	3,766,684,000	3,194,464,000	1,890,141,000	1,932,610,000	2,017,392,000	2,112,460,000	2,092,381,000	1,911,548,000	1,796,333,000	1,796,333,000	2,126,910,000	2,091,505,000	1,891,438,000	1,960,785,000	1,968,924,000					1,594,237,000				1,610,293,000		1,630,061,000		1,657,396,000		1,467,074,000			1,275,034,000			914,592,000			896,406,000		748,881,000				54,018,000			59,715,000		199,357,000		388,652,000		460,853,000		456,276,000	463,292,000		463,292,000					493,992,000							1,190,763,000					760,698,000			376,723,000
other non-current payables	759,000	526,000	466,000	452,000	466,000	463,000	460,000	472,000	5,378,000	3,356,000	3,320,000	2,053,000
total non-current liabilities	2,946,921,000	3,269,831,000	3,351,639,000	3,284,973,000	3,387,895,000		3,768,332,000		1,897,194,000	1,937,874,000	2,022,852,000		2,096,460,000		1,839,134,000	1,839,134,000						1,998,713,000	1,719,508,000	1,753,270,000	1,339,487,000		1,716,271,000	1,691,559,000	1,699,406,000		1,768,864,000		1,880,749,000		1,724,099,000		1,760,805,000	1,564,173,000
equity
frontline plc equity	2,325,688,000	2,366,692,000	2,329,314,000	2,340,653,000	2,348,440,000		2,376,927,000		2,226,352,000	2,296,759,000	2,221,844,000
non-controlling interest	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	-472,000	353,000	295,000	232,000	232,000	215,000	221,000	298,000	417,000	417,000	307,000	307,000	211,000	211,000	321,000	321,000	160,000	-9,000		-158,000	168,000	168,000	24,000	-114,000		61,000	61,000	567,000	567,000		403,000
total equity	2,325,216,000	2,366,220,000	2,328,842,000	2,340,181,000	2,347,968,000	2,425,789,000	2,376,455,000	2,277,346,000	2,225,880,000	2,296,287,000	2,221,372,000	2,259,899,000	2,027,589,000	1,906,471,000	1,683,689,000	1,683,689,000	1,652,542,000	1,582,155,000	1,613,453,000	1,640,446,000	1,611,553,000	1,621,649,000	1,665,806,000	1,604,370,000	1,510,208,000	1,379,899,000	1,214,888,000	1,204,364,000	1,164,217,000	1,164,217,000	1,138,445,000	1,138,445,000	1,135,952,000	1,135,952,000	1,187,629,000	1,187,629,000	1,436,815,000	1,459,453,000	1,459,453,000	1,507,744,000	1,499,769,000	1,499,769,000	1,397,302,000	1,421,373,000	1,421,373,000	1,446,343,000	1,446,343,000	225,530,000	225,530,000	215,593,000	215,593,000	-70,649,000	-123,273,000		-61,788,000		6,827,000	6,827,000	-44,646,000		112,195,000	112,195,000	131,149,000	147,900,000	147,900,000	196,894,000	221,116,000	221,116,000	213,479,000	213,479,000	557,630,000	725,716,000	725,716,000	768,464,000	768,464,000	759,037,000	759,037,000	826,639,000	826,639,000	806,198,000	806,198,000	750,748,000	766,271,000	766,271,000
total liabilities and equity	5,710,432,000	6,109,528,000	6,138,379,000	6,220,807,000	6,283,542,000	6,451,415,000	6,623,894,000	5,882,766,000	4,600,015,000	4,701,735,000	4,719,189,000	4,768,443,000	4,548,661,000	4,365,102,000	4,060,953,000	4,060,953,000	4,117,098,000	3,988,433,000	3,981,582,000	3,927,737,000	3,918,221,000	3,983,749,000	4,051,653,000	3,997,913,000	3,697,818,000	3,588,440,000	3,169,057,000	3,122,308,000	3,077,841,000	3,077,841,000	3,131,583,000	3,131,583,000	3,255,118,000	3,255,118,000	3,133,728,000	3,133,728,000	3,411,314,000	3,221,072,000	3,221,072,000	3,149,690,000	2,966,317,000	2,966,317,000	2,922,859,000	2,948,063,000	2,948,063,000	2,886,654,000	2,886,654,000	851,154,000	851,154,000	872,586,000	872,586,000	962,179,000	1,038,035,000	1,038,035,000	1,251,802,000	1,251,802,000	1,374,081,000	1,374,081,000	1,409,143,000	1,409,143,000	1,583,665,000	1,583,665,000	1,688,221,000	1,725,718,000	1,725,718,000	1,803,043,000	1,819,483,000	1,819,483,000	1,840,569,000	1,840,569,000	3,273,610,000	3,526,004,000	3,526,004,000	3,655,381,000	3,655,381,000	3,797,920,000	3,797,920,000	3,966,754,000	3,966,754,000	3,658,179,000	3,658,179,000		3,903,636,000	3,903,636,000
right-of-use assets				1,435,000	1,643,000	1,864,000	2,006,000	2,236,000	2,462,000	2,677,000	2,892,000	3,108,000
prepaid consideration								349,151,000										18,000,000							55,287,000	62,633,000
current portion of obligations under leases				1,153,000	1,143,000	1,130,000	1,116,000	1,104,000	1,090,000	1,077,000	1,052,000	1,024,000
obligations under leases				451,000	686,000	942,000	1,188,000	1,430,000	1,675,000	1,908,000	2,140,000	2,372,000
trade and other receivables						147,752,000		124,647,000				139,467,000
related party receivables						21,205,000		19,292,000				13,485,000		12,276,000			11,676,000	14,888,000	14,629,000	14,035,000	13,255,000					11,478,000				7,895,000		10,289,000		9,005,000		5,068,000			12,835,000			5,095,000			10,386,000		10,234,000				13,810,000			11,295,000		11,677,000		10,977,000		11,457,000		10,103,000	9,055,000		8,237,000					15,805,000							7,225,000					28,743,000			14,804,000
inventories						148,552,000		135,161,000				107,114,000		125,197,000			80,787,000	77,150,000	73,589,000	66,263,000	57,858,000					58,095,000				68,765,000		63,846,000		69,834,000		61,715,000			45,293,000			37,702,000			29,205,000		25,779,000				21,661,000			45,827,000		47,729,000		47,894,000		57,790,000		42,432,000	57,505,000		44,636,000					40,370,000							60,115,000					35,093,000			55,435,000	16,248,000	16,248,000
voyages in progress						137,845,000		110,061,000				110,638,000		61,976,000			38,492,000	38,491,000	26,601,000	40,890,000	34,705,000					46,185,000				59,437,000		47,105,000		39,355,000		38,254,000			31,569,000			45,338,000			24,918,000		52,167,000				35,851,000			31,376,000		31,037,000		38,982,000		28,012,000		31,167,000	54,097,000		24,246,000					24,449,000							27,087,000					32,358,000			60,479,000	34,916,000	34,916,000
prepaid expenses and accrued income						17,562,000		15,753,000				14,255,000		11,846,000			8,899,000	7,315,000	8,771,000	11,486,000	7,725,000					13,630,000				7,804,000		8,972,000		6,858,000		6,170,000			7,701,000			5,741,000			10,137,000		4,315,000				4,331,000			4,493,000		5,936,000		7,489,000		5,489,000		7,690,000	4,311,000		8,172,000					5,735,000							8,073,000					14,675,000			8,424,000	2,234,000	2,234,000
derivative instruments receivable						5,758,000		39,117,000				53,993,000		39,352,000			9,675,000													7,641,000						4,450,000						4,358,000									18,000
investment in associated companies						11,467,000		12,386,000				16,302,000																																							41,168,000																																			160,082,000	160,082,000
related party payables						54,510,000		47,719,000				31,248,000		50,075,000			36,250,000	34,642,000	29,259,000	30,313,000	19,853,000					12,232,000				18,738,000		23,415,000		16,201,000		8,921,000			13,029,000			18,103,000			20,220,000		28,720,000				49,483,000			35,552,000		24,182,000		22,496,000		5,968,000		3,356,000	53,948,000		43,870,000					10,775,000							33,278,000					33,803,000			50,988,000
trade and other payables						111,128,000		98,232,000				81,533,000
total liabilities						4,025,626,000		3,605,420,000				2,508,544,000		2,458,631,000			2,464,556,000	2,406,278,000	2,368,129,000	2,287,291,000	2,306,668,000					2,208,541,000				1,913,624,000		1,993,138,000		2,119,166,000		1,946,099,000			1,761,619,000			1,466,548,000			1,526,690,000		1,440,311,000				656,993,000			1,161,308,000		1,313,590,000		1,367,254,000		1,453,789,000		1,471,470,000	1,557,072,000		1,577,818,000					1,627,090,000							3,038,883,000					2,964,470,000			3,316,122,000	1,334,322,000	1,334,322,000
share capital						222,623,000		222,623,000				222,623,000		203,531,000			203,531,000	198,031,000	197,692,000	197,692,000	197,692,000					192,616,000				169,821,000		169,809,000		169,809,000		169,809,000			169,809,000			169,809,000			156,387,000		781,938,000				198,376,000			99,346,000		98,206,000		95,341,000		78,843,000		194,646,000	194,646,000		194,646,000					194,646,000							194,646,000					194,646,000			187,063,000
additional paid in capital						604,687,000		604,687,000				604,687,000		623,779,000			448,291,000	403,276,000	401,683,000	402,021,000	402,021,000					360,371,000				198,497,000		198,217,000		198,075,000		197,399,000			196,722,000			195,304,000			109,369,000		109,386,000				396,153,000			190,019,000		187,951,000		180,952,000		118,051,000		911,000	821,000		732,000					225,769,000							224,245,000					221,991,000			14,242,000
contributed surplus						1,004,094,000		1,004,094,000				1,004,094,000		1,004,094,000			1,004,094,000	1,004,094,000	1,004,094,000	1,004,094,000	1,004,094,000					1,090,376,000				1,090,376,000		1,090,376,000		1,090,376,000		1,090,376,000			1,090,376,000			1,099,680,000			1,099,680,000		474,129,000				474,129,000			474,129,000		474,129,000		474,129,000		474,129,000		474,129,000	474,129,000		474,129,000					248,360,000							248,360,000					248,360,000			248,360,000
accumulated other reserves						861,000		415,000				454,000
retained earnings						593,996,000		445,999,000				428,513,000		75,115,000			-3,130,000	-22,924,000	10,282,000	36,913,000	8,018,000																					34,069,000			57,083,000		81,212,000																														83,718,000					78,029,000
total equity attributable to the shareholders of the company						2,426,261,000		2,277,818,000				2,260,371,000
assets held for sale							45,517,000																																						170,775,000
commitments and contingencies
newbuildings												47,991,000	70,926,000	93,029,000	140,791,000	140,791,000	130,633,000	117,604,000	131,174,000	43,610,000	48,498,000	48,082,000	28,828,000	66,898,000	46,068,000	29,658,000	26,205,000	26,408,000	52,254,000	52,254,000	51,399,000	51,399,000	50,537,000	50,537,000	79,602,000	79,602,000	73,309,000	162,221,000	162,221,000	279,208,000	308,324,000	308,324,000	274,246,000	326,200,000	326,200,000	266,233,000	266,233,000					15,469,000	15,168,000	15,168,000	14,860,000	14,860,000	30,277,000	30,277,000	29,010,000	29,010,000	27,624,000	27,624,000	26,913,000	20,144,000	20,144,000	13,558,000	13,270,000	13,270,000	13,049,000	13,049,000	246,978,000	230,902,000	230,902,000	227,423,000	227,423,000	224,319,000	224,319,000	277,915,000	277,915,000	350,834,000	350,834,000	413,968,000	379,502,000	379,502,000	160,298,000
loan notes receivable												1,388,000	1,388,000	1,388,000	1,388,000	1,388,000		1,388,000	1,388,000	1,388,000	1,388,000	1,388,000	1,500,000	1,500,000
restricted cash																			1,140,000	2,778,000	14,928,000	16,519,000	16,339,000	12,739,000	3,153,000	5,039,000	1,254,000	1,332,000	1,420,000	1,420,000	2,626,000	2,626,000	1,744,000	1,744,000	741,000	741,000	666,000	1,026,000	1,026,000	606,000	677,000	677,000	2,655,000	5,505,000	5,505,000	368,000	368,000	286,000	286,000	411,000		42,074,000	16,107,000		36,651,000		74,868,000		59,236,000		71,097,000			75,735,000		89,196,000	86,524,000	86,524,000	100,566,000		99,241,000	189,913,000	189,913,000	184,293,000	184,293,000	182,091,000	62,000,000	235,977,000	235,977,000	223,777,000	223,777,000	429,946,000	359,285,000	359,285,000	651,377,000
derivative instruments payable																	5,673,000	8,578,000	9,972,000	9,702,000	19,261,000					6,411,000																			12,880,000		4,081,000
vessels under finance lease															42,750,000	42,750,000						55,695,000	57,872,000	60,026,000	418,390,000		84,709,000	87,709,000
right of use assets under operating leases													3,449,000		3,682,000	3,682,000						14,418,000	17,473,000	9,430,000	12,058,000		17,260,000	16,091,000
other long-term assets													57,566,000	3,400,000	31,137,000	31,137,000	3,055,000	5,588,000	5,058,000	7,678,000	7,197,000	19,281,000	14,704,000	11,460,000	9,421,000	19,145,000	14,316,000	18,216,000	20,234,000	12,593,000	12,663,000		11,030,000		4,451,000		1,987,000	1,627,000		4,496,000	4,358,000					417,000		391,000	391,000	442,000		708,000	878,000		426,000		561,000		831,000		1,103,000			1,373,000		1,760,000	1,895,000	1,895,000	1,780,000		7,349,000	7,738,000	7,738,000	8,010,000	8,010,000	7,426,000		28,242,000	28,242,000	24,471,000	24,471,000	20,000	24,387,000	24,387,000	20,000
current portion of obligations under finance lease															8,117,000	8,117,000						7,668,000	7,530,000	7,395,000	283,463,000		11,042,000	11,469,000
current portion of obligations under operating lease													1,114,000		1,119,000	1,119,000						7,777,000	10,315,000	2,728,000	4,916,000		8,907,000	9,755,000
dividends payable													33,393,000
other current liabilities													133,190,000	5,488,000	94,410,000	94,410,000	7,580,000	8,888,000	9,898,000	11,864,000	12,418,000	127,052,000	116,205,000	135,748,000	120,782,000	6,830,000	89,858,000	82,615,000	81,885,000	3,904,000	77,873,000	3,724,000	79,079,000	3,728,000	65,606,000	6,067,000	69,644,000	63,270,000	8,744,000	100,983,000	58,879,000	10,292,000	65,916,000	76,529,000	11,834,000	94,663,000	15,875,000	80,715,000	80,715,000	88,766,000	2,087,000	84,242,000	78,842,000	5,435,000	65,979,000	2,589,000	67,310,000	2,479,000	59,267,000	3,449,000	50,828,000	6,024,000	7,344,000	115,064,000	19,603,000	118,614,000	97,866,000	97,866,000	92,058,000	19,570,000	84,986,000	107,307,000	107,307,000	100,184,000	100,184,000	136,603,000	10,842,000	212,255,000	212,255,000	221,179,000	221,179,000	44,327,000	137,564,000	137,564,000	132,310,000	10,936,000	10,936,000
obligations under finance lease															38,690,000	38,690,000						50,474,000	52,444,000	54,378,000	76,447,000		82,280,000	85,116,000
obligations under operating lease													2,626,000		2,876,000	2,876,000						7,062,000	7,434,000	6,925,000	7,561,000		8,698,000	6,438,000
other long-term liabilities													1,453,000	1,396,000	1,235,000	1,235,000	992,000	915,000	1,235,000	2,496,000	3,739,000	5,080,000	6,333,000	8,566,000	1,062,000	1,138,000	1,196,000	1,184,000	1,183,000	1,183,000	1,344,000	1,344,000	1,334,000	1,334,000	1,325,000	1,325,000	1,347,000	3,213,000	3,213,000	3,154,000	3,112,000	3,112,000	3,323,000	2,961,000	2,961,000	2,841,000	2,840,000				2,042,000			2,824,000		3,250,000		2,450,000		2,259,000		7,534,000	6,094,000		4,326,000					2,099,000							1,195,000					6,053,000			10,569,000
frontline ltd. equity													2,028		1,684,161,000	1,684,161,000						1,621,296,000	1,665,511,000	1,604,138,000	1,509,976,000		1,214,667,000	1,204,066,000	1,163,800,000		1,138,138,000		1,135,741,000		1,187,308,000		1,436,655,000	1,459,462,000		1,507,902,000	1,499,601,000		1,397,278,000	1,421,487,000				224,963,000	224,963,000	215,190,000		-70,981,000	-123,756,000		-66,846,000		1,053,000		-54,513,000		101,001,000			136,069,000		184,827,000	208,993,000	208,993,000	200,984,000		544,690,000	712,388,000	712,388,000
trade accounts receivable														56,688,000			63,423,000	39,559,000	46,199,000	57,619,000	40,974,000					39,291,000				53,982,000		49,479,000		36,731,000		49,585,000			37,957,000			49,079,000			52,467,000		57,367,000				29,277,000			22,044,000		21,676,000		18,895,000		19,914,000		14,567,000	23,702,000		43,063,000					46,007,000							56,316,000					44,598,000			59,523,000	23,896,000	23,896,000
other receivables														14,879,000			10,109,000	15,088,000	14,268,000	16,805,000	22,950,000					19,540,000				17,068,000		16,540,000		12,552,000		17,294,000			18,058,000			19,416,000			22,794,000		29,121,000				14,320,000			15,276,000		15,646,000		13,911,000		12,766,000		16,227,000	14,860,000		17,792,000					14,398,000							17,200,000					52,135,000			28,564,000	7,251,000	7,251,000
long-term assets
vessels and equipment under finance leases																	44,880,000	47,058,000	49,234,000	51,388,000	53,518,000					420,681,000
right-of-use assets under operating leases														3,648,000			3,914,000	4,173,000	4,527,000	5,262,000	8,426,000					14,655,000
current portion of obligations under finance leases																		7,464,000	7,329,000	7,571,000	7,810,000					286,885,000
current portion of obligations under operating leases														1,102,000			1,122,000	1,118,000	1,173,000	1,598,000	4,548,000					6,997,000
trade accounts payable														11,890,000			2,327,000	4,925,000	5,634,000	6,600,000	7,860,000					18,985,000				22,212,000		14,867,000		27,583,000		11,809,000			7,747,000			4,325,000			7,061,000		9,500,000				11,353,000			8,158,000		4,483,000		10,587,000		15,158,000		5,329,000	5,975,000		6,361,000					5,707,000							13,423,000					36,574,000			16,043,000	4,664,000	4,664,000
accrued expenses														57,412,000			42,836,000	35,127,000	36,952,000	33,394,000	42,529,000					58,256,000				37,031,000		35,867,000		31,567,000		38,809,000			33,750,000			26,159,000			23,796,000		29,689,000				22,861,000			29,697,000		34,725,000		31,648,000		34,564,000		35,946,000	43,744,000		42,314,000					50,376,000							72,200,000					65,579,000			101,128,000	18,729,000	18,729,000
long-term liabilities
obligations under finance leases																		43,009,000	45,115,000	46,807,000	48,467,000					79,390,000
obligations under operating leases														2,843,000			3,114,000	3,379,000	3,662,000	3,945,000	4,177,000					7,944,000
accumulated other comprehensive income														424,000			228,000	150,000	174,000	198,000	200,000					288,000				224,000		234,000		220,000		2,227,000						739,000
total equity attributable to the company														1,906,943,000			1,653,014,000	1,582,627,000	1,613,925,000	1,640,918,000	1,612,025,000					1,379,684,000				1,163,800,000		1,138,138,000		1,135,741,000		1,187,308,000			1,459,462,000			1,499,601,000			1,421,487,000		1,446,282,000
marketable securities pledged to creditors																					5,835,000	4,815,000	4,890,000	1,623,000	9,842,000		8,552,000	6,892,000	8,392,000	8,392,000	13,544,000		12,148,000			10,272,000
loan notes receivable from related party																	1,388,000
current portion of obligations under finance leases to related party																	7,601,000
obligations under finance leases to related party																	40,865,000
long-term derivative instruments receivable																		5,849,000	4,557,000	7,569,000						204,000						12,663,000		11,030,000
current portion of investment in finance lease																														10,803,000						9,126,000						9,745,000					9,329,000
investment in finance lease																								10,822,000	10,822,000	3,045,000	10,822,000	10,822,000	10,979,000	10,979,000	13,867,000	10,541,000	16,567,000	9,343,000	21,782,000	21,782,000	24,396,000	25,910,000	9,977,000	28,438,000	30,908,000	30,908,000	33,417,000	35,887,000	9,520,000	40,656,000	40,656,000	43,154,000	43,154,000	44,077,000	3,304,000	45,790,000	46,603,000	2,902,000	47,381,000	2,780,000	48,119,000	2,665,000	49,504,000	2,448,000	50,784,000	2,249,000	2,156,000	51,952,000	2,066,000	52,507,000	53,032,000	53,032,000	53,531,000	1,824,000	54,019,000	54,486,000	54,486,000	54,930,000	54,930,000	55,355,000	1,535,000	56,161,000	56,161,000	56,535,000	56,535,000
short term debt and current portion of long term debt																						220,890,000	532,289,000																									4,004,000	4,004,000	4,006,000		165,357,000	196,942,000		208,924,000		58,806,000		22,543,000		22,022,000			21,572,000		20,802,000	21,853,000	21,853,000	19,521,000		151,418,000	114,375,000	114,375,000	114,441,000	114,441,000	173,595,000		105,573,000	105,573,000	131,334,000	131,334,000		174,938,000	174,938,000
long term debt																						1,936,097,000	1,653,297,000	1,683,401,000	1,254,417,000		1,624,097,000	1,598,821,000	1,610,293,000		1,630,061,000		1,657,396,000		1,467,074,000		1,492,496,000	1,275,034,000		1,075,309,000	914,592,000		947,640,000	896,406,000		748,881,000		152,587,000	152,587,000	157,597,000		137,452,000	128,328,000		269,308,000		459,931,000		460,853,000		456,276,000			463,292,000		473,842,000	472,717,000	472,717,000	493,992,000		1,153,772,000	1,149,704,000	1,149,704,000	1,158,719,000	1,158,719,000	1,190,763,000		1,146,776,000	1,146,776,000	782,244,000	782,244,000		710,424,000	710,424,000		850,088,000	850,088,000
short term debt																								494,402,000	438,962,000		128,091,000	122,546,000	120,479,000		124,202,000		122,240,000		102,766,000		101,977,000	89,770,000		78,071,000	67,365,000		68,392,000	65,966,000		57,575,000
retained deficit
vessels under capital lease																													90,676,000		137,435,000		218,371,000		251,698,000		408,535,000	435,346,000		495,730,000	536,433,000		583,579,000	639,655,000		694,226,000		431,328,000	431,328,000	450,952,000		550,345,000	566,614,000		611,638,000		686,404,000		723,580,000		868,384,000			934,397,000		960,041,000	997,532,000	997,532,000	1,022,172,000		1,221,358,000	1,306,658,000	1,306,658,000	1,393,322,000	1,393,322,000	1,427,526,000		1,554,954,000	1,554,954,000	1,594,644,000	1,594,644,000		1,942,700,000	1,942,700,000
current portion of obligations under capital lease																													11,854,000		22,199,000		37,098,000		43,316,000		42,073,000	44,406,000		51,455,000	56,505,000		59,445,000	90,336,000		89,798,000		74,976,000	74,976,000	79,588,000		78,989,000	48,580,000		48,237,000		47,639,000		53,076,000		51,485,000			54,171,000		54,267,000	53,437,000	53,437,000	55,805,000		115,126,000	184,973,000	184,973,000	235,771,000	235,771,000	193,379,000		196,478,000	196,478,000	201,884,000	201,884,000		249,694,000	249,694,000
obligations under capital lease																													87,930,000		137,459,000		222,019,000		255,700,000		266,962,000	285,926,000		332,974,000	366,095,000		380,841,000	394,492,000		446,553,000		311,749,000	311,749,000	324,994,000		564,692,000	705,792,000		717,892,000		730,148,000		854,179,000		881,068,000			916,494,000		931,799,000	945,717,000	945,717,000	957,431,000		1,199,036,000	1,227,785,000	1,227,785,000	1,264,242,000	1,264,242,000	1,336,908,000		1,465,655,000	1,465,655,000	1,496,826,000	1,496,826,000		1,837,388,000	1,837,388,000
vessels and equipment under capital lease																														90,676,000		137,435,000		218,371,000		251,698,000			435,346,000			536,433,000			639,655,000		694,226,000				450,952,000			566,614,000		611,638,000		686,404,000		723,580,000		868,384,000	893,089,000		934,397,000					1,022,172,000							1,427,526,000					1,740,666,000			2,324,789,000
current portion of obligations under capital leases																														11,854,000		22,199,000		37,098,000		43,316,000			44,406,000			56,505,000			90,336,000		89,798,000				79,588,000			48,580,000		48,237,000		47,639,000		53,076,000		51,485,000	52,070,000		54,171,000					55,805,000							193,379,000					285,753,000			179,604,000
obligations under capital leases																														87,930,000		137,459,000		222,019,000		255,700,000			285,926,000			366,095,000			394,492,000		446,553,000				324,994,000			705,792,000		717,892,000		730,148,000		854,179,000		881,068,000	898,490,000		916,494,000					957,431,000							1,336,908,000					1,579,708,000			2,318,794,000
retained (deficit) earnings																																																																						-463,012,000
long term assets
marketable securities, pledged to creditors																																			10,272,000
other secured borrowings																																			10,312,000
vessels held for sale																																											27,473,000	170,775,000																											28,666,000
other long term assets																																							1,627,000								417,000							12,000																																9,024,000	9,024,000
accumulated other comprehensive loss																																							2,555,000																															-4,779,000							-3,836,000					-1,686,000			-3,696,000
short term
long term
short term liabilities
long term liabilities
value of unfavorable time charter contracts																																													738,000		6,799,000
sale proceeds received in advance
current assets held for distribution
deferred charges																																														3,186,000	3,186,000				442,000			866,000		426,000		561,000		831,000		1,103,000	1,236,000		1,373,000					1,780,000							7,426,000					4,670,000			49,000	4,304,000	4,304,000
long-term assets held for distribution
current liabilities held for distribution
long-term liabilities held for distribution
frontline ltd equity																																														1,446,282,000
treasury shares
investment in unconsolidated subsidiaries and associated companies																																																48,037,000	48,037,000	41,168,000		60,000,000	67,675,000	67,675,000	65,279,000	65,279,000	58,547,000	58,547,000	59,438,000	59,438,000	51,073,000	51,073,000	40,633,000	40,805,000	40,805,000	40,896,000	27,177,000	27,177,000	27,340,000	27,340,000	2,997,000	3,108,000	3,108,000	3,177,000	3,177,000	3,408,000	3,408,000	3,638,000	3,638,000	3,750,000	3,750,000	3,923,000	4,202,000	4,202,000	5,633,000
vessel held for sale																																																					25,988,000	25,988,000
other long term liabilities																																																1,593,000	1,593,000	2,042,000		2,096,000	2,824,000		3,250,000		3,420,000		3,871,000		9,791,000			7,225,000		6,825,000	6,777,000	6,777,000	8,283,000		11,642,000	16,144,000	16,144,000	13,560,000	13,560,000	7,635,000		13,378,000	13,378,000	18,514,000	18,514,000		27,357,000	27,357,000
noncontrolling interest																																																		403,000		332,000	483,000	483,000	5,058,000	5,058,000	5,774,000	5,774,000	9,867,000	9,867,000	11,194,000	11,194,000	11,474,000	11,831,000	11,831,000	12,067,000	12,123,000	12,123,000	12,495,000	12,495,000	12,940,000	13,328,000	13,328,000	13,337,000	13,337,000	11,904,000	11,904,000	10,660,000	10,660,000	10,476,000	10,476,000	9,408,000	7,895,000	7,895,000
restricted cash and investments																																																			411,000			16,107,000		36,651,000		74,868,000		59,236,000		71,097,000	87,506,000		75,735,000					100,566,000							182,091,000
deferred charter revenue																																																			2,982,000							100,000		128,000		173,000	2,840,000		2,916,000					5,630,000							6,860,000					15,442,000			13,342,000
total equity (deficit) attributable to frontline ltd.																																																			215,190,000
deferred gains on sales of vessels																																																										970,000		1,612,000		2,257,000	2,575,000		2,899,000					6,184,000							6,440,000					12,649,000			19,810,000
total equity attributable to frontline ltd.																																																										1,053,000				101,001,000	119,675,000		136,069,000					200,984,000
equity attributable to frontline ltd.																																																																										755,127,000	755,127,000
frontline ltd. stockholders' equity																																																																												747,133,000		815,979,000	815,979,000	795,722,000	795,722,000
long term investments																																																																																		20,020,000
stockholders' equity
total stockholders' equity																																																																													747,133,000
liabilities and stockholders’ equity
stockholders’ equity
total stockholders’ equity																																																																																		741,340,000			445,969,000	822,026,000	822,026,000
total liabilities and stockholders’ equity																																																																																		3,715,218,000			3,762,091,000	2,156,348,000	2,156,348,000
frontline ltd. stockholders’ equity																																																																																			758,376,000	758,376,000
net investment in finance lease, current portion
derivative instruments receivable amounts, short term
net investment in finance lease, long term portion
derivative instruments receivable amounts, long term
derivative instruments liabilities, long term
minority interest
newbuildings and vessel purchase options																																																																																						8,370,000	8,370,000
short term debt and current portion of long-term debt																																																																																						141,522,000	141,522,000
mark to market valuation of derivatives																																																																																						9,217,000	9,217,000
amount due to parent company																																																																																						299,166,000	299,166,000
invested equity																																																																																						822,026,000	822,026,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-03-31	2022-09-30	2022-05-31	2019-09-30	2019-05-31	2019-03-31	2018-11-30	2018-09-30	2018-08-31	2018-06-30	2018-03-31	2017-11-30	2017-09-30	2017-06-30	2017-05-31	2017-03-31	2016-11-30	2016-09-30	2016-06-30	2016-03-31	2015-11-30	2015-08-31	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-08-31	2014-06-30	2014-05-31	2014-03-31	2013-12-31	2013-09-30	2013-05-30	2013-03-31	2012-09-30	2012-08-31	2012-06-30	2012-02-29	2011-11-30	2011-08-31	2011-05-31	2011-02-28	2010-08-31	2010-05-31	2009-08-31	2009-03-31

490,318	432,654,000
45	5,977,000
490,363	438,631,000
194,985	181,595,000
59,446	62,905,000
6,965	15,334,000
84,156	82,830,000
345,552	342,664,000
144,811	95,967,000
5,054	4,124,000
42	-70,000
602	415,000
65,253	41,637,000
60,457	40,319,000
0.27	180
2024 jul-sep	2,025,000
60,206	39,140,000
condensed consolidated statements of financial position
assets
current assets
cash and cash equivalents	189,427,000	436,538,000																																													190,819,000
marketable securities	2,223,000	1,877,000
other current assets	408,257,000	397,149,000																																													260,465,000
total current assets	599,907,000	835,564,000
non-current assets
vessels and equipment	4,978,460,000	5,165,512,000																																													438,161,000
goodwill	112,452,000	112,452,000
investment in associated company	8,778,000	9,305,000
other non-current assets	10,835,000	15,546,000
total non-current assets	5,110,525,000	5,302,815,000
total assets	5,710,432,000	6,138,379,000																																													4,027,728,000
liabilities and equity
current liabilities
short-term debt and current portion of long-term debt	293,561,000	319,400,000
other current payables	144,734,000	138,498,000
total current liabilities	438,295,000	457,898,000
non-current liabilities
long-term debt	2,946,162,000	3,351,173,000
other non-current payables	759,000	466,000
total non-current liabilities	2,946,921,000	3,351,639,000
equity
frontline plc equity	2,325,688,000	2,329,314,000
non-controlling interest	-472,000	-472,000
total equity	2,325,216,000	2,328,842,000
total liabilities and equity	5,710,432,000	6,138,379,000
164,553	107,633,000
—	37,150,000						-8,926,000							12,238,000
300,199
359,236	476,717,000
320,885	189,427,000
net cash from operating activities		137,926,000		17,338,000	171,291,000	97,757,000			11,478,000		13,245,000				109,436,000	79,784,000				203,814,000				42,972,000			38,453,000		20,723,000		21,152,000			-28,648,000		44,872,000		13,545,000				-7,092,000			-24,000
capital expenditures		0		0	0	0			0		0				0	0				0				0			0		0		0			0		0		0				0			0
free cash flows		137,926,000		17,338,000	171,291,000	97,757,000			11,478,000		13,245,000				109,436,000	79,784,000				203,814,000				42,972,000			38,453,000		20,723,000		21,152,000			-28,648,000		44,872,000		13,545,000				-7,092,000			-24,000
investing activities
additions to newbuildings, vessels and equipment		-466,000		-11,186,000		-59,844,000										-246,755,000								-41,281,000						-541,000				-722,000				-565,000				-3,127,000			-99,409,000
proceeds from sale of vessels
net cash from investing activities		-105,000		68,814,000		-57,113,000										-283,324,000								1,129,000			23,384,000		18,570,000	21,382,000	21,382,000		29,019,000	19,120,000	19,120,000	23,342,000		23,826,000				146,334,000			103,078,000
financing activities
proceeds from issuance of debt		147,181,000			146,007,000				273,872,000		243,236,000
repayment of debt		-217,274,000		-86,755,000		-65,471,000
repayment of obligations under leases		-197,000
cash dividends paid
net cash from financing activities		-114,815,000		-88,049,000	32,894,000	-11,396,000			144,782,000		182,685,000				290,547,000	128,672,000								-20,020,000						14,936,000	14,936,000			-18,580,000				-28,426,000				-132,905,000			-100,103,000
net change in cash and cash equivalents		23,006,000														-74,868,000								24,081,000			50,840,000		8,677,000	57,470,000	57,470,000
cash and cash equivalents at the beginning of the period
cash and cash equivalents at the end of the period
revenues		427,866,000
other operating income		227,000
total revenues and other operating income		428,093,000
voyage expenses and commission		179,975,000
ship operating expenses		60,342,000
administrative expenses		13,348,000
depreciation		81,261,000
total operating expenses		334,926,000
net operating income		93,167,000
finance income		4,484,000
finance expense		-62,799,000
loss on marketable securities		-1,790,000
share of results of associated companies		941,000
dividends received		1,285,000																									2,019,000
profit before income taxes		35,288,000
income tax expense		-2,001,000
profit for the period		33,287,000
basic and diluted earnings per share		150
condensed consolidated statements of comprehensive income		2,025,000
items that may be reclassified to profit or loss:
foreign currency exchange gain		-101,000
other comprehensive income		-101,000
comprehensive income		33,186,000
condensed consolidated statements of cash flows		2,025,000
operating activities
proceeds from sale of marketable securities		361,000
dividends paid		-44,525,000														-25,883,000																										-7,786,000			-19,465,000
cash and cash equivalents at start of period		413,532,000													202,402,000	202,402,000				264,524,000				64,080,000			53,759,000		53,759,000	53,759,000	53,759,000		137,603,000	137,603,000	137,603,000	160,566,000		160,566,000				176,639,000			82,575,000
cash and cash equivalents at end of period		436,538,000													128,411,000	127,534,000				129,617,000				88,161,000			104,599,000		62,436,000	111,229,000	111,229,000		79,279,000	109,495,000	109,495,000	164,484,000		169,511,000				182,976,000			85,526,000
100,494
251,839
1,350,074
1,148,512
22,938
285,384
308,322
107,743
34,310
58,282
(17,883
1,690
4,936
41,947
(11
(38,398
9,916
202,532
(236
(45,417
(220
(178,098
(223,735
(21,439
306,823
cash inflow on repayment of loan to associated companies
cash and cash equivalents at the beginning of period
cash and cash equivalents at the end of period
adjustments to reconcile profit to net cash from operating activities:
net finance expense
(gain) on sale of vessels and equipment
(gain) loss on marketable securities
share of results of associated company				92,000
other				460,000		533,000										770,000								-317,000						-405,000				-66,000				-3,881,000				-5,437,000			234,000
change in operating assets and liabilities				-19,083,000		24,065,000										20,242,000								-5,800,000						2,057,000				-22,823,000				-8,119,000				-57,683,000			-124,632,000
debt issuance costs paid
interest paid
interest received
cash inflow on repayment of loan to associated company
adjustments to reconcile profit for the period to net cash from operating activities:
gain on sale of vessels
loss on termination of leased vessels
amortization of acquired time charters				-1,244,000
contingent rental income				-551,000												-3,769,000
gain on marketable securities				-269,000
share of results from associated companies
stock option expense
dividend received from associated companies
changes in operating assets and liabilities:
trade accounts receivable
other receivables
inventories
voyages in progress
prepaid expenses and accrued income
trade accounts payable
accrued expenses
related party balances
change in restricted cash																71,000								41,711,000			34,363,000		31,712,000	-6,505,000			28,270,000	16,410,000	16,410,000	24,831,000		14,042,000				11,324,000
purchase of marketable securities
investment in associated companies
net cash inflow on sale of subsidiary
net proceeds from issuance of shares					51,015,000																			39,048,000			52,934,000		47,653,000	40,557,000	40,557,000		1,490,000
156,241
9,528
41,508
620
132
71,437
317,433
21,941
7,545
119,811
127,356
51,275
9,959
39,835
12,005
141
71,793
234,000
92,711
8,635
111,176
gain on sale of vessels and equipment				-6,055,000
cash inflows from associated company
lease termination payments
other operating gains
loss on lease terminations
share of results from associated company
other current liabilities																																															174,166,000
purchase of shares
38,566			39,225,000
434			405,000
81,422			317,433,000
684
38,929			19,490,000
141,501			119,811,000
122,055			127,356,000
proceeds from sale of vessel
cash inflow from sale of subsidiary
repayment of long-term debt																-16,840,000								-70,122,000						-12,185,000				-5,694,000				-14,343,000				-91,198,000			-34,242,000
repayment of finance leases				-1,108,000
lease termination compensation payment
debt fees paid				-186,000												-1,620,000
net change in cash and cash equivalents and restricted cash				-1,897,000	40,969,000	29,248,000					12,915,000
cash and cash equivalents and restricted cash at beginning of period
cash and cash equivalents and restricted cash at end of period				111,176,000	108,873,000	97,152,000			71,268,000		117,801,000
net income				31,148,000		40,111,000										27,081,000								31,168,000										-19,035,000				6,803,000				16,898,000			80,756,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization of deferred charges				38,974,000		27,982,000										35,688,000
gain on derivatives				-26,134,000
proceeds from sale of vessels and equipment				80,000,000																							29,724,000		27,164,000		27,164,000		6,371,000	8,443,000	8,443,000	12,224,000		10,174,000				91,235,000
marketable securities acquired
proceeds from debt						55,250,000
cash and cash equivalents and restricted cash at start of period				113,073,000	67,904,000	67,904,000			104,886,000		104,886,000
amortization of deferred charges
related party contingent rental income
finance lease payments received									2,471,000		2,471,000				4,766,000	2,356,000				4,579,000				699,000			1,870,000		1,213,000	591,000	591,000		1,578,000	498,000	498,000	1,336,000		425,000				355,000			281,000
gain on sale of subsidiary
net proceeds from sale of vessel
net cash inflow (outflow) on sale of subsidiary
cash outflow on issuance of loan to associated company
trafigura asset acquisition
repayment of obligations under finance leases
lease termination compensation receipt from related party
purchase of shares from non-controlling interest						-269,000
net change in cash, cash equivalents and restricted cash
cash, cash equivalents and restricted cash at beginning of year
cash, cash equivalents and restricted cash at end of year
supplemental disclosure of cash flow information:
interest paid, net of interest capitalized
income taxes paid
prepaid consideration
lease termination compensation receipt
199,724
35,329
(12,354
(1,258
3,534
(855
2,661
5,646
271
8,090
240,788
(125,647
26,556
(99,091
106,273
(97,924
(836
(1,179
(138,252
(131,918
9,779
231,280
241,059
37,511
2,472
1,617
378
7,958
26,462
353,074
210,629
189,649
gain on sale of shares
unrealized (gain) loss on marketable securities
changes in operating assets and liabilities, net of acquisition:
net cash outflow on sale of subsidiary
net proceeds from sale of shares
(9,968
31,001
(1,255
(677
(1,968
10,331
2,974
(161
(2,032
28,245
(18,637
1,242
(30,196
(2,108
41,699
(3,419
7,218
16,826
92,047
108,873
1,005
28,959
(1,525
(1,683
(842
2,210
6,158
121
10,886
45,289
(87,735
89,515
(58,975
(2,180
9,316
(335
37,341
(5,105
97,152
cash inflow on repayment of loan from associated company
amortization of time charter contract value
loss on derivatives						4,716,000										-139,000
gain on lease termination
108,838
34,554
1,204
2,608
(758
1,129
(2,091
263
(36,851
108,896
(29,756
2,401
(27,355
(30,620
(9,765
47,400
(365
(19,688
(13,038
68,503
177,376
2,337
31,333
(8,052
(4,881
(1,420
(1,634
163
(19,613
(1,767
(863
(6,000
(6,863
30,636
(66,749
(1,790
(37,903
(46,533
117,801
71,268
return of loan to associated company					3,000,000	3,000,000
proceeds from sale of shares									17,757,000		17,757,000					7,104,000
(22,669
32,373
554																										657,000
(6,450
(784
(1,560
629
(893
1,200
(17,072
51,355
(27,757
(2,963
(386
20,249
4,377
113,424
other operating loss
contingent rental expense						-1,031,000																		6,267,000
(gain) on sale of shares																-771,000
unrealised loss on marketable securities						1,381,000
repayment of capital leases						-1,175,000										-16,460,000								-17,089,000						-11,561,000				-12,886,000				-14,083,000				-32,745,000			-109,635,000
(248,271							25,490,000
36,916							28,921,000
(6,957							-3,247,000
142,940
112,821
123
(2,464							5,022,000
48							-1,114,000																					-128,000
(29,804							-16,644,000
5,352							34,693,000
(6,075							-12,204,000
2,508							2,865,000
1,457
(2,110							-9,339,000
10,116							25,000,000
(25,153							-51,661,000
(3,062							-2,142,000
(8
(18,107							-28,718,000
(14,865							-3,364,000
119,751							71,268,000
104,886							67,904,000
other operating losses
impairment loss on vessels and vessels under capital lease																21,247,000
provision for uncollectible receivable
mark to market on marketable securities
share of results from associated company and gain on equity interest
impairment loss on goodwill
impairment loss on marketable securities
mark to market loss on derivatives
refund of newbuilding installments and interest
proceeds from sale of newbuilding vessels
proceeds from long-term debt																189,475,000
payment of obligations under finance leases
lease termination receipts /
payment of fractional shares on reverse share split
proceeds from secured short-term borrowings
cash , cash equivalents and restricted cash at beginning of year
(23,902								2,337,000
35,721								31,333,000
5,949								-8,052,000
(6,735								-4,881,000
62
(360								-1,634,000
385								163,000
(213								-19,613,000
10,907								-1,767,000
(253,454								-863,000
2,471
4,216
(246,767								-6,863,000
253,278								30,636,000
(22,441								-66,749,000
(2,993								-1,790,000
(1,669
226,175								-37,903,000
(9,685								-46,533,000
129,437								117,801,000
119,752								71,268,000
(19,231										-22,669,000
35,336										32,373,000
12,238										554,000
(8,687										-6,450,000
(475
2,870										-1,560,000
751										629,000
6,850										-893,000
29,652										1,200,000
(207,276										-17,072,000
2,410
14,635
(190,231										-17,072,000
230,663										51,355,000
(19,517										-27,757,000
(9,338										-2,963,000
(14,218
(198
(25,517										-386,000
161,875										20,249,000
1,296										4,377,000
128,140										113,424,000
129,436										117,801,000
18,464												-248,271,000
34,720												36,916,000
12																									-77,000
(7,201												-6,957,000
27,274												142,940,000
4,000
(15,385												-2,464,000
443												48,000
(28,656												-29,804,000
33,671												5,352,000
43,497
(77,943												-6,075,000
1,978												-76,000
2,396												2,508,000
29,888
(184												-2,186,000
98,200
6,248
(39,813												-25,153,000
(3,367												-3,062,000
(942												-8,000
(15,560
44,766												-18,107,000
78,253												-14,941,000
124,149												119,086,000	119,086,000
202,402												104,145,000
net loss from discontinued operations
net income from continuing operations
adjustments to reconcile net income from continuing operations to net cash from operating activities:
dividends received from avance gas
cash from operating activities of discontinued operations
cash acquired upon the merger
cash from investing activities of discontinued operations
payment of related party loan note																								-1,880,000						-1,875,000
cash from financing activities of discontinued operations
net change in cash balances included in held for distribution
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
5,609													-23,902,000
34,472													35,721,000
2,670													5,949,000
(738
(8,765													-6,735,000
8,939
319
(1,854													-360,000
621													385,000
7,258													-213,000
48,531													10,907,000
(206,566													-253,454,000
2,850													360,000
2,357													2,471,000
143,299
(58,060													-246,407,000
163,637													253,278,000
(106,640													-22,441,000
(17,313													-2,993,000
(4,377													-1,669,000
(31,246
4,061													226,175,000
(5,468													-9,325,000
129,617													128,411,000	128,411,000
14,462														-19,231,000
35,818														35,336,000
(2,237
732														-8,687,000
25,480
4,563
2,737														2,870,000
(990														751,000
1,781														6,850,000
82,346														29,652,000
(176,599														-207,276,000
(4,811														-419,000
2,299														2,410,000
(179,111														-190,650,000
61,463														230,663,000
(15,219														-19,517,000
(28,680														-9,338,000
(62,814														-25,517,000
(45,250														161,875,000
(142,015														877,000
271,632														127,534,000
purchase of dht shares																-46,100,000
proceeds from sale of dht shares															21,739,000
proceeds from issuance of long term debt															420,138,000					192,363,000
loss on cancellation and sale of newbuilding contracts and vessel																-20,565,000
provision for uncollectible receivables
impairment loss on shares
58,619																	18,464,000
-																	-7,201,000	-8,765,000	732,000		9,369,000	-1,826,000	-150,000		-1,486,000	3,643,000		673,000				-8,864,000					13,141,000		180,588,000	121,443,000			-4,611,000	-9,664,000		-138,337,000
24,209																	34,720,000
9,369
63																	-15,385,000
545																	443,000
8,031																	-28,656,000
87,048																	33,671,000
11,883																	43,497,000
3,588																	1,978,000
57,888																	29,888,000
87,443
57,875																	-184,000
500,100																	6,248,000
3,266
100,817																	78,253,000
163,707																	124,149,000	124,149,000
264,524																	202,402,000
debt modification fees paid
sale proceeds received in advance
net proceeds from sale of shares in associated company
lease termination receipt
acquisition of treasury shares
61,868																		5,609,000
10,752																		34,472,000
(32,695																		2,670,000
711																		-738,000			-1,295,000
2,923																		-1,854,000
40																		621,000
(11,400																		7,258,000
32,199																		48,531,000
14,576
(220,889																		-206,566,000
11,025																		2,850,000
172,676																		143,299,000
(22,612																		-58,060,000
(13,373																		-106,640,000
(485																		-4,377,000
(13,858																		4,061,000
(4,271																		-5,468,000
167,978																		129,617,000	129,617,000
23,160																			14,462,000
55,436
78,596																			14,462,000
10,454																			35,818,000
(42,809
704																			-2,237,000
1,138																			4,563,000
(1,995																			2,737,000
460																			-990,000
(8,093																			1,781,000
38,455																			82,346,000
24,748
(147,880																			-176,599,000
7,350																			-4,811,000
111,789
(3,993																			-179,111,000
33,000																			61,463,000		500,100,000
(11,830																			-15,219,000
484
(3																			-62,814,000
21,651																			-45,250,000
56,113																			-142,015,000
111,865																			271,632,000
cash from investing activities by discontinued operations
net change in cash equivalents included in held for distribution
149,764
25,832																					58,619,000
8,583																					24,209,000
2,729																					63,000
3,772
260																					545,000
1,667
20,051																					87,048,000
11,089																					11,883,000
6,400																					3,588,000
56,819
80,467																					-44,106,000
35,038
223,511																					163,707,000
235,801																					264,524,000
gain on cancellation and sale of newbuilding contracts
cash acquired on merger with frontline 2012
(64,375																						17,572,000
28,504																						14,632,000
122																						-11,000
(278																						23,009,000
(3,069																						-7,090,000
41,531
3,643
(97																						297,000
(325																						264,000
12,074																						-3,726,000
17,730																						43,121,000
2,651																						125,000
(1,776																						-589,000
657																						778,000
2,609
673
4,814																						314,000
5,281
29,390
(2,330																						-1,004,000
(11,479																						-19,505,000
(1,243																						-8,304,000
19,619																						-26,624,000
42,163																						16,811,000
62,436																						78,159,000	78,159,000
104,599																						94,970,000
23,357																							17,201,000
56,178
134																							-20,000
7,065																							7,648,000
38,217																							-48,000
622																							739,000
7,096																							48,970,000
111,229																							88,161,000
depreciation and amortization																								17,117,000						23,544,000				26,269,000				29,534,000				52,100,000			53,369,000
unrealized foreign currency exchange gain																								112,000
gain on sale of assets and amortization of deferred gains																														15,727,000				-8,364,000								-13,230,000			-9,817,000
equity earnings of associated companies																								-5,748,000						-562,000
impairment losses
loss from de-consolidation of subsidiaries
debt conversion expense
provision for doubtful debts																								506,000						108,000				133,000
gain on bond buy back																								-333,000
impact of reconsolidation of subsidiaries
net proceeds from sale of vessels and equipment and shares in subsidiary
net investment in associated companies																													1,346,000	673,000	673,000			-5,759,000				-250,000
proceeds from long-term debt, net of fees paid																								30,023,000																		-1,176,000			63,239,000
(13,997																									-13,127,000
24,242																									17,094,000
29																									110,000
(13,826																									-40,347,000
744																									4,878,000
(493																									7,170,000
12,654																									41,067,000
(122																									-324,000	-325,000
(3,012																									-17,000
6,231																									14,941,000
(9,127																									-25,967,000
(813																									-349,000
578																									685,000
(9,362																									-1,630,000
3,312
(2,250																									-36,377,000
(12,160																									-5,583,000
(10,889																									-10,500,000
(402																									-1,352,000
(22,389																									-53,830,000
(25,520																									-40,519,000
79,279																									104,599,000	104,599,000
53,759																									64,080,000
(37,115																										-64,375,000
24,728																										28,504,000
24																										122,000
(8,864																										-278,000
(6,067																										-3,069,000
22,400																										41,531,000
(217																										-97,000
2,121																										12,074,000
(3,112																										17,730,000
16,576																										2,651,000
(519																										-1,776,000
16,611																										4,814,000
761																										5,281,000
5,392																										29,390,000
(11,381																										-2,330,000
(12,700																										-11,479,000
(17,928																										19,619,000
(4,429																										42,163,000
83,708																										62,436,000		62,436,000
proceeds from sale of shares in subsidiaries																											49,000
proceeds from issuance of long term debt, net of fees paid																											29,390,000						19,798,000
repayment of related party loan note
(120,935																												-78,946,000
26,946																												23,357,000
(521
(2,298																												-7,405,000
81,324																												56,178,000
127																												134,000
(219																												-321,000
(1,627																												7,065,000
(17,155																												-429,000
(4,716																												38,217,000
(450																												-42,324,000
526																												622,000
(10,515
(15,155																												-2,812,000
729																												7,096,000
9,950
(12,599																												-11,295,000
8,443
6,523																												-45,522,000
(25,787																												-48,793,000
109,495																												111,229,000
net lease termination receipts
net loss																														-15,212,000
adjustments to reconcile net loss to net cash from operating activities:
unrealized foreign currency exchange loss																														9,000				-81,000				-5,000				29,000			-107,000
impairment loss on vessels
net cash from (used in) operating activities																														21,152,000
net proceeds from sale of vessels and equipment																														27,164,000
(49,253																																-37,115,000
28,439																																24,728,000
(24																																24,000
(3,288
92																																-6,067,000
5,568																																-217,000
(108																																-122,000
15,816																																2,121,000
(2,758																																-3,112,000
13,461																																16,576,000
(538																																-519,000
468																																554,000
(442
12,949																																16,611,000
(9,780																																-11,381,000
(13,076																																-12,700,000
(22,856																																-17,928,000
(12,665																																-4,429,000
177,149																																83,708,000
164,484																																79,279,000
net increase in cash and cash equivalents																																		-28,108,000		3,918,000		8,945,000				6,337,000			2,951,000
equity losses of associated companies																																		-4,681,000				163,000				231,000			173,000
gain on repurchase of convertible bond debt
loan repaid by (to) associated company																																		250,000
adjustments to reconcile net income to net cash fromoperating activities:
loss from sale of assets
equity losses of unconsolidated subsidiaries and associated companies
impairment losses on vessels
unrealized foreign exchange loss
adjustment of derivatives and securities to market value
deferred charter revenue
dividends received from associated companies
loan to associated companies
receipts from finance leases and loans receivable
proceeds from sale of other assets
repayments of long-term debt
proceeds from sale of investments																																										46,547,000
proceeds from long term debt, net of fees paid
(35,253																																					-24,402,000
50,801																																					29,327,000
(44																																					27,000
12,033																																					-5,135,000
69																																					-422,000
189																																					-377,000
15,155																																					21,926,000
42,950																																					34,085,000
(3,689																																					-2,672,000
(59,678																																					-398,000
374																																					443,000
57,100																																					2,492,000
(5,893																																					-13,433,000
(265
(9,081																																					74,000
(29,749																																					-13,088,000
(7,786
(46,881																																					-13,014,000
(9,824																																					7,638,000
182,976																																					169,511,000
173,152																																					177,149,000
loss on sale of assets and amortization of deferred gains																																						-10,950,000
(344,111
49,626
99
312,878
(518
1,259
19,422
56,675
(3,398
412
180,588
(24,536
209,741
(125,735
(133,889
(259,624
(30,461
191,027
160,566
(10,963																																							-344,111,000
53,348																																							49,626,000
(93																																							99,000
(4,611																																							312,878,000
110																																							189,000
5,547																																							-518,000
24,495																																							1,259,000
67,833																																							19,422,000
(16,417																																							56,675,000
(38,975																																							-3,398,000
347																																							412,000
19,839
(35,206																																							209,741,000
(11,407																																							-125,735,000
(33,094																																							-133,889,000
(19,464
(63,965																																							-259,624,000
(31,338																																							-30,461,000
207,977																																							191,027,000	191,027,000
176,639																																							160,566,000
12,721																																								-166,544,000
54,385																																								49,992,000
26																																								-11,000
(6,843																																								-3,787,000
120																																								111,000
390																																								440,000
35,077																																								304,000
95,876																																								1,948,000
83,718																																								91,271,000
(104,397																																								-16,175,000
333																																								394,000
100
(20,246																																								75,490,000
149,707																																								72,000,000
(26,292																																								-30,888,000
(101,282																																								-99,118,000
(58,395																																								-1,557,000
(36,262																																								-59,563,000
39,368																																								17,875,000
168,609																																								173,152,000	173,152,000
81,490																																									-35,253,000
53,185																																									50,801,000
36																																									-44,000
112																																									69,000
30,391																																									15,155,000
151,226																																									42,950,000
316																																									374,000
11,061																																									57,100,000
432,591																																									-265,000
239,617																																									-46,881,000
83,083																																									-9,824,000
85,526																																									182,976,000
proceeds from sale of shares in subsidiary
fees paid on early redemption of debt
4,678																																											-10,963,000
59,802																																											53,348,000
65																																											-93,000
177																																											110,000
(6,864																																											5,547,000
(14,293																																											24,495,000
43,565																																											67,833,000
(21,056																																											-16,417,000
(631																																											-38,975,000
2,390
(19,297																																											-35,206,000
38,985
(30,975																																											-11,407,000
(43,799																																											-33,094,000
(11,678																																											-19,464,000
(47,467																																											-63,965,000
(23,199																																											-31,338,000
105,774																																											207,977,000
82,575																																											176,639,000
gain from sale of assets
purchases of other assets
proceeds from issuance of shares in subsidiary
net proceeds from share issuances
28,342																																												81,490,000
59,936																																												53,185,000
574																																												36,000
101																																												112,000
(714																																												-1,592,000
30,347																																												30,391,000
118,586																																												153,958,000
(15,523																																												-12,972,000
(69,255																																												-306,165,000
(84,778																																												-307,760,000
83,042																																												432,591,000
(138,337																																												-98,012,000
(45,021																																												-36,568,000
(19,465																																												-58,394,000
(119,781																																												236,885,000
(85,973																																												83,083,000
206,577																																												85,526,000
120,604																																												168,609,000
maturity of restricted cash																																													202,206,000
equity earnings of unconsolidated subsidiaries and associated companies
changes in operating assets and liabilities, net of effect of acquisitions:
maturity (placement) of restricted cash
investments in associated companies
proceeds from sale of investments in associated companies
receipts from capital leases and loans receivable
sale of subsidiary, net of cash sold
cash effect of deconsolidation of subsidiary
payment of obligations under capital leases
319,073																																														28,342,000
53,899																																														59,936,000
(45																																														574,000
(126,761
103																																														101,000
(11,960
(4,356																																														-6,367,000
(17,510																																														30,347,000
212,443																																														112,933,000
(11,638																																														-15,523,000
(280,511																																														-63,602,000
106,848
(185,301																																														-79,125,000
217,082																																														83,042,000
(41,827																																														-45,021,000
886
(205,771																																														-19,465,000
(29,630																																														-119,781,000
(2,488																																														-85,973,000
128,711																																														206,577,000
126,223																																														120,604,000
short term
restricted cash																																															554,751,000
long term
newbuildings																																															454,227,000
vessels under capital lease																																															2,100,717,000
investment in unconsolidated subsidiaries and associated companies																																															4,467,000
other long term assets																																															24,121,000
liabilities and stockholders’ equity
short term debt and current portion of long term debt																																															297,999,000
current portion of obligations under capital lease																																															243,293,000
long term debt																																															610,148,000
obligations under capital lease																																															1,969,919,000
other long term liabilities																																															23,349,000
minority interest																																															6,637,000
stockholders’ equity																																															702,217,000
total liabilities and stockholders’ equity																																															4,027,728,000
2007 oct-dec
201,014
58,404
154
(144,095
59
77
(12,986
(31,763
70,864
(23,123
(50,956
(31,497
101,070
5,564
38,350
160,817
200,225
(1,571
(54,752
(355,424
(411,747
(140,658
309,090
168,432
amortisation of deferred charges
unrealised foreign exchange loss
adjustment of derivatives to market value
insurance proceeds from loss of vessels and equipment
purchase of minority interest
proceeds from sale of newbuilding contracts
cash dividends paid including amounts paid to minority interest
net (decrease) increase in cash and cash equivalents
interest income, capitalized
change in accounting principle
release of accumulated other comprehensive income to net income
proceeds from sales of investments in associated companies
net maturity (placement) of loans receivable
repayment of other long term liabilities
amount due to parent company
proceeds from long term debt
repayments of long term debt
cash and cash equivalents at beginning of period
interest paid, net of capitalized interest
unrealized foreign exchange (gain) loss

Frontline Ltd(NYSE:FRO)

Frontline Ltd
(NYSE:FRO)