Operator

Good day, and thank you for standing by. Welcome to the Q1 2026 Frontline plc Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Mr. Lars Barstad, CEO. Please go ahead.

Lars Barstad
Chief Executive Officer of Frontline Management AS

Thank you. Dear all, and thank you for dialing into Frontline's quarterly earnings call. Unprecedented times springs to mind as we report in Q1 '26, well into the first half of the year. I've been in this industry for more than 20 years, and I did not imagine us in a situation for this duration where the Strait of Hormuz has been effectively closed. With the opaque and volatile political narrative these days, the Frontline team focused on the real cash-generating business to be done, not speculating too far into the future. We have put the most profitable quarter since 2004 behind us and are well into a potentially even more rewarding one. I'll get back to how we analyze the situation later in the call.

And before I give the word to Inger, I'll run through our TCE numbers on Slide 3 in the deck. In the first quarter of 2026, Frontline achieved $103,500 per day on our VLCC fleet, $72,400 per day on our Suezmax fleet and $50,700 per day on our LR2/Aframax fleet. So far in the second quarter of 2026, 82% of our VLCC days are booked at $181,700. 79% of our Suezmax