Frontline Plc (NYSE:FRO) shares are down following mixed third-quarter results. Revenue rose 29.9% year-over-year to $490.4 million, surpassing the $361.42 million consensus.

Reported spot TCEs for VLCCs, Suezmax tankers, and LR2/Aframax tankers were $39,600 (vs. $42,500 last year), $39,900 (vs. $37,600 last year) and $36,000 (vs. $33,900 prior year) per day.

In the quarter, ballast days totaled 947 days for VLCCs, 331 days for Suezmax tankers, and 255 days for LR2/Aframax tankers.

Net operating income for the quarter improved to $144.81 million from $114.752 million a year ago. Adjusted EPS was $0.34 versus $0.36 a year ago, missing the consensus of $0.45.

Operating cash flow was $164.553 million in the third quarter, compared to $202.532 million in the same quarter a year ago. Frontline held cash and cash equivalents of $320.885 million as of the quarter end.

As of September 30, 2024, the company’s 82-vessel fleet (17.9M DWT) averages 6.4 years, with 46 scrubber-fitted Eco vessels. Six vessels (1 VLCC, 1 Suezmax, 4 LR2/Aframax) were on long-term charters over 12 months.

In October 2024, the company secured a $512.1 million sale-and-leaseback deal with CMB Financial for 10 Suezmax tankers.

Dividend: The company declared a dividend of $0.34 per share for the third quarter of 2024, payable on December 31, with a record date of December 11.

Outlook: Frontline expects the spot TCEs for the fourth quarter to be lower than the spot TCEs currently contracted due to the impact of ballast days during the quarter.

Price Action: FRO shares are trading lower by 7.03% at $16.81 premarket at the last check Wednesday.