Frontline Plc (FRO,FRO.OL), a shipping company, on Friday reported higher net income in the first quarter of 2026 compared with the previous year, driven by a strong tanker market amid Middle East disruptions.
For the first quarter, profit increased to 559.12 billion from 33.29 billion in the previous year.
Earnings per share were $2.51 versus $0.15 last year.
On the adjusted basis, profit rose to $344.92 billion from $40.38 billion in the same period a year ago.
Adjusted earnings per share were $1.55 versus $0.18 last year.
Net operating income jumped to 585.13 billion from 93.17 billion in the prior year.
Revenue and other operating income increased to $929.33 billion from $428.09 billion in the previous year.
The board declared a dividend of $1.55 per share for the first quarter of 2026. The record date is June 12. The dividend is expected to be paid on or about June 23.
The ex-dividend date is expected to be June 12 for shares listed on the New York Stock Exchange and June 11 for shares listed on the Oslo Stock Exchange.
The company had 222.6 million ordinary shares outstanding as of March 31.
The company said the conflict in the Middle East and restrictions on transits through the Strait of Hormuz disrupted global crude flows and reshaped tanker trading patterns during the quarter.
Frontline closed trading 1.28% lesser at $38.44 on the New York Stock Exchange. In the overnight, the stock is trading 0.68% higher at $38.70.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.