Frontline plc.

Good day and thank you for standing by. Welcome to the Q1 2025 Frontline PLC Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising the hand is raised. To whisper your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lars Bartstad, CEO. Please go ahead.

Thank you very much. Dear all, thank you for dialing into Frontline's quarterly earnings call. It's encouraging to see so many joining us today. Despite all the action around us, both in respect of equity market volatility, changing policies and global trade negotiations, the tanker market has moved along in an orderly manner. To recap the first quarter of the year, the VLCC were volatile, with three to four exciting rallies and a rising floor. SUSEMAX and AFROMAX had a strong finish to the first quarter, while the LR2s struggle. We are in a situation where the inverse earnings relationship between asset classes seem to be gone, and the VLCC is taking the lead. This may also be caused by the fact that incremental export growth is finally coming from compliance sources. So before I go and give the word to Inger, I'll run through our TC numbers on slide three in the deck. In the first quarter of 2025, Frontline achieved $37,200 per day on our VLCC fleet, $31,200 per day on our SUSEMAX fleet, and $22,300 per day on our LR2 slash AFROMAX fleet. So far in the third quarter, 68% of our VLCC days are booked at $56,400 per day, 69% of our SUSE max days are booked at $44,900 per day, and 66% of our LR2 slash AFRA max days are booked at $36,100 per day. Again, all numbers in this table are on a low to discharge basis with the implications of ballast days at the end of the quarter. And I think it is worth mentioning that in particular for our LR2s in Q1, we finished the quarter with quite a few ballast days as we entered Q2. Now I'll let Inger take you through the financial highlights.

Thanks Lars, and good morning and good afternoon ladies and gentlemen. Let's then turn to slide four, proper statement, and look at some highlights. We report profits of 33.3 million or 15 cents per share and adjusted profit of 40.4 million or 18 cents per share in this quarter. Adjusted profit in the first quarter decreased by 4.7 million compared with the previous quarter and that was primarily due to a decrease in our time charter earnings from 2049 million dollars in the previous quarter to 241 million in the first quarter. That again is a result of lower TCE rates. That was also partially offset by fluctuations in other income and expenses. Let's then look at the balance sheet on slide five. The balance sheet movements this quarter are related to ordinary items. Frontline has a solid balance sheet and strong liquidity of $805 million in cash and cash equivalents, including undrawn amounts of revolver capacity, marketable securities and cash requirements for bank as per March 31st, 2025. We have no meaningful debt maturities until 2030 and no new building commitments. Let's then look at slide six. lead composition, cash break-in rates and effects. Ours, please, consists of 41 VIRSIS, 22 SUSMAC tankers, and 18 LR2 tankers, has an average age of 6.8 years, and consists of 99% ecovessels, where 56% are scrubber fitted. We estimate average cash break-even rates for the next 12 months of approximately $29,700 per day for winter seas, $24,300 per day for SUSEMAC tankers, and $23,300 per day for LR2 tankers, with a fleet average estimate of about $26,800 per day. This includes dry dock costs for 10 VLCCs, 2 SUSEMax tankers and 5 LR2 tankers. The fleet average estimate excluding dry dock costs is about $25,700 per day or $1,100 per day less. No vessels were dry docked in the first quarter and we recorded OPEX expenses of $8,400 per day for VLCCs eight thousand dollars per day for suspect tankers and eight thousand two hundred dollars per day for lr2 tankers if you want deep average plus eight thousand three hundred dollars per day lastly let's look at slide seven cash generation sometimes has a substantial cash generation potential with about 30 000 earnings days annually As you can see from the graph on the left-hand side of this slide, the cash generation potential basis of our current fleet and May 25 forward rates for TD3C for VCCs, TD20 for SUSEMAX tankers, and an average of TD25 and TC1 for AFRAMAX and LR2 tankers from the Baltic Exchange as of May 23rd is 332 million or $1.49 per share. And a 30% increase from current spot market will increase the potential cash generation with about 100%. With this, I leave the word to Lars again.