• FedEx for crude oil.
• A global UPS, but for crude oil tankers instead of delivery trucks and planes.

• Crude Oil Transportation: Frontline provides global seaborne transportation of crude oil using its fleet of Very Large Crude Carriers (VLCCs) and Suezmax tankers.
• Refined Petroleum Products Transportation: The company also offers seaborne transportation of refined petroleum products through its Aframax/LR2 tankers.

Frontline (FRO) is a leading international tanker company that owns and operates a large fleet of crude oil and product tankers. As such, it primarily sells its services (seaborne transportation of oil and oil products) to other companies rather than individuals.

Based on their public filings and industry common practice, Frontline's major customers generally fall into the following categories:

• Major international oil companies
• National oil companies (NOCs)
• Independent oil refiners
• International energy traders
• State-owned enterprises involved in oil and gas

Due to the nature of the shipping industry, particularly in the spot market where many charters are secured, Frontline typically does not disclose the names of specific customer companies in its public reports. Their customer base is broad and comprises various entities globally that require the transportation of crude oil and refined petroleum products.

Lars H. Barstad, Chief Executive Officer

Lars H. Barstad has served as Chief Executive Officer of Frontline plc since September 2021, and as Interim Chief Executive Officer from October 2020. Prior to this, he was the Commercial Director of Frontline since 2015. Mr. Barstad brings 17 to 20 years of experience in the shipping and oil trading industry. His career includes roles as Director of Imarex Pte Ltd (now Marex) in Singapore, head of FFA trading at Glencore Ltd in London (joined 2007), and head of the freight derivatives desk at Noble Group Ltd in London (moved in 2012). He holds a BSc in Financial Economics from BI Norwegian Business School.

Inger M. Klemp, Chief Financial Officer

Inger M. Klemp has served as Chief Financial Officer of Frontline Management AS since June 1, 2006. Before this, she was Vice President Finance from August 2001. Her experience also includes serving as a director of Independent Tankers Corporation Limited since February 2008 and as Chief Financial Officer of Golden Ocean from September 2007 to March 2015. Prior to joining Frontline, Mrs. Klemp was Assistant Director Finance in Color Group ASA, Group Financial Manager in Color Line ASA, Assistant Vice President in Nordea Bank Norge ASA, and a lending officer of Danske Bank A/S (previously Fokus Bank ASA). She holds an MSc in Business and Economics from the Norwegian School of Management (BI).

Marios Saveriades, Secretary

Marios Saveriades was appointed as Secretary of Frontline plc in December 2022, following the company's redomiciliation to Cyprus. He previously served as the assistant secretary of Frontline (Bermuda). Mr. Saveriades is associated with K.C. Saveriades & Co. LLC in Limassol, Cyprus.

The global energy transition, characterized by a accelerating shift towards renewable energy sources and away from fossil fuels, presents a clear emerging threat to Frontline. This transition is projected to lead to a structural decline in long-term global oil demand, directly impacting the demand for crude oil and product tanker shipping services. As the world consumes less oil, the need for its transportation by sea will diminish, potentially resulting in sustained oversupply of vessels, lower freight rates, and asset devaluation for tanker companies like Frontline.

Global Crude Oil Tanker Market

• Very Large Crude Carriers (VLCCs): The global VLCC market size was valued at an estimated USD 42.7 billion in 2024. It is forecasted to reach USD 61.4 billion by 2033, with a CAGR of 4.1% during the forecast period. Another estimate places the 2025 market size at approximately USD 50 billion.
• Suezmax Tankers: The global Suezmax oil tanker market is projected to reach an estimated market size of USD 45 billion by 2025, with a CAGR of approximately 6.5% through 2033.

Global Refined Petroleum Product Tanker Market (LR2/Aframax for products)

Frontline plc (FRO) is expected to experience future revenue growth driven by several key factors over the next 2-3 years:

1. Strong Global Oil Demand and Shifting Trade Flows: Frontline's management anticipates improving utilization and freight demand for compliant tankers, fueled by sustained global oil demand growth. Projections indicate consumption reaching 105.4 million barrels by December. Additionally, shifting trade flows are expected to contribute to increased demand for their shipping services.
2. Tight Vessel Supply and Limited Fleet Growth: The current market is characterized by a stable trading fleet with minimal new supply entering the market. Many older or sanctioned vessels further restrict available capacity, and new vessel orders would not be delivered until 2028. This tight supply environment is likely to support higher Time Charter Equivalent (TCE) rates, a direct driver of revenue.
3. Increased Time Charter Equivalent (TCE) Earnings: Frontline has demonstrated an ability to achieve higher TCE rates across its vessel types (VLCCs, Suezmax, and LR2/Aframax fleets), which directly translates to increased revenue. For example, TCE earnings rose from $241 million to $283 million in Q2 2025. The company's cash generation potential is estimated to increase significantly if spot market rates improve.
4. Operational Efficiency and Modern Fleet: Frontline operates a modern fleet of 80 vessels with an average age of 7 years, with 100% being ECO vessels and 55% scrubber-fitted. This focus on energy efficiency and a competitive cost structure, including low cash breakeven rates for its vessels, supports strong cash flow generation and the ability to capitalize on favorable market conditions.

Frontline (FRO) Capital Allocation Decisions (2020-2025):

[1] Share Repurchases

• No significant share repurchases were identified within the last 3-5 years.

[2] Share Issuance

• Frontline had 222,623,000 shares outstanding as of November 2025.
• No significant share issuances for capital raising purposes were identified in the 2020-2025 period.

[3] Inbound Investments

• No significant inbound investments by third-parties or private equity firms were identified in the last 3-5 years.

[4] Outbound Investments

• Frontline divested eight older vessels in 2024 as part of its strategy to optimize its capital structure.
• In October 2024, the company sold its oldest Suezmax tanker, built in 2010, for a net sales price of $48.5 million, generating $36.5 million in net cash proceeds after debt repayment.
• An agreement was made to sell another oldest Suezmax tanker, built in 2011, for a net sales price of $36.4 million, which is expected to generate approximately $23.7 million in net cash proceeds in the third quarter of 2025.

[5] Capital Expenditures

• Frontline's reported capital expenditures were $724.3 million in 2020, $462.4 million in 2021, $335.8 million in 2022, $1,631 million in 2023, and $915.2 million in 2024.
• The company has stated it has no newbuilding commitments and is focusing on optimizing its current fleet, which consists of 99% eco-vessels, with 56% fitted with scrubbers as of Q4 2024.
• Potential future modernization investments are estimated to be between $500 million and $750 million.