Reported spot TCEs for VLCCs, Suezmax tankers, and LR2/Aframax tankers were 42,500 (vs. 64,000 in Q2), 37,600 (vs. 61,700 in Q2) and 33,900 (vs. 52,900 in Q2) per day. 

In Q3, operating cash flow was $202.53 million compared to $71.44 million in 3Q22. FRO held cash and cash equivalents of $285.38 million as of September 30, 2023.

"Strong US exports and continuous firm Asian imports have brought us back to a more normalized market where VLCCs take the lead on earnings. This amplifies our excitement as we prepare to take delivery of the 24 modern VLCCs from Euronav, more than doubling our exposure to this segment, increasing our overall tanker footprint by more than 30%," commented Lars H. Barstad, Chief Executive Officer.

As of September 30, 2023, the company's fleet consisted of 65 vessels owned by the company (22 VLCCs, 25 Suezmax tankers, 18 LR2/Aframax tankers), with an aggregate capacity of approximately 12.6 million DWT. 

For Q4, the company expects the spot TCEs to be lower than the TCEs currently contracted due to the impact of ballast days at the end of Q3. As of quarter end, the number of ballast days was 429 for VLCCs, 394 for Suezmax tankers, and 128 for LR2/Aframax tankers. 

Dividend: The company declared a dividend of $0.30 per share for Q3, payable on or about December 29, 2023. The record date for the dividend will be December 14, 2023.

Price Action: FRO shares are trading lower by 7.27% at $19.64 premarket on Thursday.