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Frontline Plc

$52.2 +$31.62 (+153.64%)
NYSE · 15 Sep 2026 15:23 UTC
Previous Close
$50.52
Day Range
$51.07$52.94
Year Range
$20.47$52.94
Market Cap
11.62B
AVG Volume
2.73M
Trailing/Forward PE
7.83/10.88
PEG ratio
-0.15
Dividend Yield
6.00%
Next Earnings Date
2026-11-30
Primary Exchange
New York Stock ExchangeUS
Revenue (USD)
0250M500M750M1B24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO Revenue (USD) by quarter
PeriodRevenue (USD)
26 Q2943.3M
26 Q1714.24M
25 Q4624.51M
25 Q3432.65M
25 Q2480.08M
25 Q1427.87M
24 Q4425.64M
24 Q3490.32M
24 Q2556.03M
24 Q1578.4M
Net Income (USD)
0200M400M600M800M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO Net Income (USD) by quarter
PeriodNet Income (USD)
26 Q2659.17M
26 Q1559.12M
25 Q4227.93M
25 Q340.32M
25 Q277.54M
25 Q133.29M
24 Q466.73M
24 Q360.46M
24 Q2187.57M
24 Q1180.82M
Operating Income (USD)
0200M400M600M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO Operating Income (USD) by quarter
PeriodOperating Income (USD)
26 Q2596.12M
26 Q1370.04M
25 Q4277.74M
25 Q395.97M
25 Q2131.88M
25 Q193.17M
24 Q4129.72M
24 Q3144.81M
24 Q2255.92M
24 Q1251.27M
EBITDA (USD)
0200M400M600M800M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO EBITDA (USD) by quarter
PeriodEBITDA (USD)
26 Q2667.46M
26 Q1675.91M
25 Q4362.32M
25 Q3184.83M
25 Q2219.5M
25 Q1179.35M
24 Q4224.8M
24 Q3231.85M
24 Q2346.21M
24 Q1341.75M
Cash Flows (USD)
-1B-500M0500M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO Cash Flows (USD) by quarter
PeriodCash Flows (USD)
26 Q2248.66M
26 Q159.45M
25 Q4276.46M
25 Q3104.4M
25 Q2151.61M
25 Q1137.46M
24 Q4163.53M
24 Q3162.12M
24 Q2223.24M
24 Q1-727.73M
EPS (USD)
012324 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO EPS (USD) by quarter
PeriodEPS (USD)
26 Q22.96
26 Q12.51
25 Q41.02
25 Q30.18
25 Q20.35
25 Q10.15
24 Q40.3
24 Q30.27
24 Q20.84
24 Q10.81
Expenses (USD)
0250M500M750M1BSG&ACapex24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO Expenses (USD) by quarter
PeriodExpenses (USD)
26 Q2343.32M
26 Q1348.96M
25 Q418.06M
25 Q318.57M
25 Q213.45M
25 Q113.81M
24 Q46.03M
24 Q39.4M
24 Q222M
24 Q1913.9M
Cash & Debt (USD)
02B4B6BCashLong Term DebtShort Term Debt24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO Cash & Debt (USD) by quarter
PeriodCash & Debt (USD)
26 Q2322.31M
26 Q1471.67M
25 Q4253.41M
25 Q3191.65M
25 Q2478.7M
25 Q1438.42M
24 Q4417.56M
24 Q3326.31M
24 Q2367.48M
24 Q1303.51M
Debt ratios
0123424 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO Debt ratios by quarter
PeriodDebt ratios
26 Q21.12
26 Q11.5
25 Q42.97
25 Q33.77
25 Q23.63
25 Q13.29
24 Q42.91
24 Q33.02
24 Q23.12
24 Q13.47
Margins
0%20%40%60%80%24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO Margins by quarter
PeriodMargins
26 Q264.52%
26 Q155.44%
25 Q446.26%
25 Q324.34%
25 Q229.9%
25 Q124.84%
24 Q426.68%
24 Q330.95%
24 Q239.03%
24 Q138.62%
Return on Capital
0%10%20%30%24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO Return on Capital by quarter
PeriodReturn on Capital
26 Q220.9%
26 Q119.68%
25 Q49.08%
25 Q31.73%
25 Q23.28%
25 Q11.43%
24 Q42.85%
24 Q32.57%
24 Q27.73%
24 Q17.61%
Shares Outstanding
0100M200M300M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO Shares Outstanding by quarter
PeriodShares Outstanding
26 Q2222.62M
26 Q1222.62M
25 Q4222.62M
25 Q3222.62M
25 Q2222.62M
25 Q1222.62M
24 Q4222.62M
24 Q3222.62M
24 Q2222.62M
24 Q1222.62M
Dividends (USD)
0123Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
FRO Dividends (USD) by quarter
PeriodDividends (USD)
Sep 262.61
Jun 261.55
Mar 261.03
Dec 250.19
Sep 250.36
Jun 250.18
Mar 250.2
Dec 240.34
Sep 240.62
Jun 240.62
Employee Count
0501001502002016201720182019202020212022202320242025
FRO Employee Count by quarter
PeriodEmployee Count
202585
202485
202388
202278
202179
202084
2019157
2018145
2017128
2016135
Book Value Per Share (USD)
05101524 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO Book Value Per Share (USD) by quarter
PeriodBook Value Per Share (USD)
26 Q214.17
26 Q112.76
25 Q411.28
25 Q310.44
25 Q210.63
25 Q110.46
24 Q410.51
24 Q310.55
24 Q210.9
24 Q110.67
Total Assets (USD)
02B4B6B8B24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
FRO Total Assets (USD) by quarter
PeriodTotal Assets (USD)
26 Q25.81B
26 Q15.67B
25 Q45.75B
25 Q35.71B
25 Q26.11B
25 Q16.14B
24 Q46.22B
24 Q36.28B
24 Q26.45B
24 Q16.62B
PE Ratio
010203040med 11.48Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
FRO PE Ratio by quarter
PeriodPE Ratio
Sep 267.57
Sep 267.37
Sep 266.91
Aug 266.62
Aug 2610.74
Aug 2610.14
Aug 269.78
Jul 269.69
Jul 269.67
Jul 268.98
Jul 269.38
Jul 269.04
Jun 268.74
Jun 2610.07
Jun 269.61
Jun 268.65
May 268.53
May 2621.8
May 2621.53
May 2623.2
May 2621.73
Apr 2620.9
Apr 2621.81
Apr 2620.17
Apr 2621.49
Mar 2619.76
Mar 2618.89
Mar 2617.72
Mar 2620.3
Feb 2622.29
Feb 2635.48
Feb 2631.59
Feb 2630.01
Jan 2629.2
Jan 2626.63
Jan 2626.86
Jan 2625.52
Jan 2621.03
Dec 2522.28
Dec 2522.19
Dec 2523.36
Dec 2523.89
Nov 2524.03
Nov 2526.46
Nov 2523.83
Nov 2522.13
Oct 2523.42
Oct 2522.02
Oct 2521.85
Oct 2521.26
Oct 2521.66
Sep 2521.6
Sep 2521.71
Sep 2521.73
Sep 2520.72
Aug 2519.55
Aug 2513.16
Aug 2512.02
Aug 2512.24
Aug 2512.02
Jul 2511.85
Jul 2511.72
Jul 2512.2
Jul 2511.16
Jun 2510.86
Jun 2512.14
Jun 2512.63
Jun 2511.28
May 2511.69
May 2511.73
May 258.23
May 257.79
May 257.7
Apr 257.44
Apr 256.94
Apr 256.96
Apr 255.76
Mar 256.72
Mar 257.23
Mar 256.93
Mar 257.45
Feb 256.53
Feb 256.73
Feb 257.19
Feb 257.26
Jan 257.05
Jan 256.51
Jan 257.06
Jan 257.01
Jan 255.8
Dec 245.7
Dec 245.44
Dec 245.78
Dec 246.22
Nov 246.58
Nov 247.32
Nov 247.2
Nov 247.11
Nov 247.26
Oct 247.58
Free Cash Flow Yield
-60%-40%-20%0%20%med 8.01%Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
FRO Free Cash Flow Yield by quarter
PeriodFree Cash Flow Yield
Sep 266.13%
Sep 266.29%
Sep 266.71%
Aug 267%
Aug 266.09%
Aug 266.45%
Aug 266.69%
Jul 266.75%
Jul 266.77%
Jul 267.29%
Jul 266.97%
Jul 267.23%
Jun 267.49%
Jun 266.5%
Jun 266.81%
Jun 267.56%
May 267.67%
May 268.11%
May 268.21%
May 267.62%
May 268.13%
Apr 268.46%
Apr 268.1%
Apr 268.76%
Apr 268.22%
Mar 268.94%
Mar 269.35%
Mar 269.97%
Mar 268.71%
Feb 267.93%
Feb 267.21%
Feb 268.09%
Feb 268.52%
Jan 268.75%
Jan 269.6%
Jan 269.52%
Jan 2610.02%
Jan 2612.16%
Dec 2511.47%
Dec 2511.52%
Dec 2510.94%
Dec 2510.7%
Nov 2510.64%
Nov 259.66%
Nov 2510.84%
Nov 2511.67%
Oct 2511.03%
Oct 2511.73%
Oct 2511.82%
Oct 2512.15%
Oct 2511.92%
Sep 2511.96%
Sep 2511.9%
Sep 2511.89%
Sep 2512.47%
Aug 2513.21%
Aug 2514.99%
Aug 2516.41%
Aug 2516.11%
Aug 2516.4%
Jul 2516.65%
Jul 2516.82%
Jul 2516.16%
Jul 2517.68%
Jun 2518.16%
Jun 2516.24%
Jun 2515.62%
Jun 2517.49%
May 2516.87%
May 2516.81%
May 25-4.38%
May 25-4.63%
May 25-4.69%
Apr 25-4.85%
Apr 25-5.2%
Apr 25-5.18%
Apr 25-6.26%
Mar 25-5.37%
Mar 25-4.99%
Mar 25-5.21%
Mar 25-4.85%
Feb 25-48.13%
Feb 25-46.71%
Feb 25-43.72%
Feb 25-43.3%
Jan 25-44.6%
Jan 25-48.28%
Jan 25-44.5%
Jan 25-44.83%
Jan 25-54.21%
Dec 24-55.18%
Dec 24-57.74%
Dec 24-54.36%
Dec 24-50.52%
Nov 24-47.74%
Nov 24-43.54%
Nov 24-44.26%
Nov 24-44.8%
Nov 24-43.89%
Oct 24-42.07%
Price to Sales
12345med 2.8Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
FRO Price to Sales by quarter
PeriodPrice to Sales
Sep 264.14
Sep 264.04
Sep 263.78
Aug 263.62
Aug 264.32
Aug 264.07
Aug 263.93
Jul 263.89
Jul 263.88
Jul 263.61
Jul 263.77
Jul 263.63
Jun 263.51
Jun 264.05
Jun 263.86
Jun 263.48
May 263.43
May 264.21
May 264.15
May 264.48
May 264.19
Apr 264.03
Apr 264.21
Apr 263.89
Apr 264.15
Mar 263.81
Mar 263.64
Mar 263.42
Mar 263.92
Feb 264.3
Feb 264.38
Feb 263.9
Feb 263.7
Jan 263.6
Jan 263.28
Jan 263.31
Jan 263.15
Jan 262.59
Dec 252.75
Dec 252.74
Dec 252.88
Dec 252.95
Nov 252.96
Nov 253.26
Nov 253.11
Nov 252.89
Oct 253.06
Oct 252.87
Oct 252.85
Oct 252.77
Oct 252.83
Sep 252.82
Sep 252.83
Sep 252.84
Sep 252.7
Aug 252.55
Aug 252.41
Aug 252.2
Aug 252.24
Aug 252.2
Jul 252.17
Jul 252.15
Jul 252.24
Jul 252.04
Jun 251.99
Jun 252.22
Jun 252.31
Jun 252.07
May 252.14
May 252.15
May 251.99
May 251.88
May 251.86
Apr 251.8
Apr 251.68
Apr 251.68
Apr 251.39
Mar 251.63
Mar 251.75
Mar 251.68
Mar 251.8
Feb 251.75
Feb 251.81
Feb 251.93
Feb 251.95
Jan 251.89
Jan 251.75
Jan 251.89
Jan 251.88
Jan 251.56
Dec 241.53
Dec 241.46
Dec 241.55
Dec 241.67
Nov 241.77
Nov 242.26
Nov 242.22
Nov 242.2
Nov 242.24
Oct 242.34
EV/EBITDA
468101214med 7.56Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
FRO EV/EBITDA by quarter
PeriodEV/EBITDA
Sep 267.07
Sep 266.91
Sep 266.55
Aug 266.32
Aug 268.24
Aug 267.86
Aug 267.63
Jul 267.57
Jul 267.56
Jul 267.13
Jul 267.38
Jul 267.17
Jun 266.98
Jun 267.81
Jun 267.53
Jun 266.92
May 266.85
May 2611.71
May 2611.6
May 2612.27
May 2611.68
Apr 2611.35
Apr 2611.71
Apr 2611.06
Apr 2611.59
Mar 2610.89
Mar 2610.55
Mar 2610.08
Mar 2611.11
Feb 2611.91
Feb 2613.33
Feb 2612.28
Feb 2611.86
Jan 2611.64
Jan 2610.95
Jan 2611.01
Jan 2610.65
Jan 269.44
Dec 259.78
Dec 259.75
Dec 2510.06
Dec 2510.21
Nov 2510.25
Nov 2510.9
Nov 2510.26
Nov 259.79
Oct 2510.15
Oct 259.76
Oct 259.71
Oct 259.55
Oct 259.66
Sep 259.64
Sep 259.67
Sep 259.68
Sep 259.4
Aug 259.07
Aug 257.95
Aug 257.55
Aug 257.63
Aug 257.55
Jul 257.49
Jul 257.45
Jul 257.62
Jul 257.24
Jun 257.14
Jun 257.59
Jun 257.76
Jun 257.29
May 257.43
May 257.45
May 256.47
May 256.28
May 256.24
Apr 256.13
Apr 255.91
Apr 255.92
Apr 255.4
Mar 255.82
Mar 256.04
Mar 255.91
Mar 256.13
Feb 256.14
Feb 256.23
Feb 256.45
Feb 256.49
Jan 256.38
Jan 256.13
Jan 256.39
Jan 256.37
Jan 255.79
Dec 245.74
Dec 245.62
Dec 245.78
Dec 245.99
Nov 246.16
Nov 247.01
Nov 246.95
Nov 246.9
Nov 246.98
Oct 247.15
Price/Operating Cashflow
2.557.51012.515med 8.1Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
FRO Price/Operating Cashflow by quarter
PeriodPrice/Operating Cashflow
Sep 268.31
Sep 268.1
Sep 267.59
Aug 267.27
Aug 2610.49
Aug 269.9
Aug 269.54
Jul 269.45
Jul 269.44
Jul 268.76
Jul 269.16
Jul 268.83
Jun 268.53
Jun 269.83
Jun 269.38
Jun 268.45
May 268.33
May 2612.11
May 2611.96
May 2612.89
May 2612.07
Apr 2611.61
Apr 2612.11
Apr 2611.2
Apr 2611.94
Mar 2610.98
Mar 2610.49
Mar 269.84
Mar 2611.27
Feb 2612.38
Feb 2613.63
Feb 2612.14
Feb 2611.53
Jan 2611.22
Jan 2610.23
Jan 2610.32
Jan 269.81
Jan 268.08
Dec 258.56
Dec 258.53
Dec 258.98
Dec 259.18
Nov 259.24
Nov 2510.17
Nov 259.09
Nov 258.44
Oct 258.94
Oct 258.4
Oct 258.34
Oct 258.11
Oct 258.26
Sep 258.24
Sep 258.28
Sep 258.29
Sep 257.9
Aug 257.46
Aug 256.51
Aug 255.95
Aug 256.06
Aug 255.95
Jul 255.86
Jul 255.8
Jul 256.04
Jul 255.52
Jun 255.38
Jun 256.01
Jun 256.25
Jun 255.58
May 255.79
May 255.81
May 255.54
May 255.25
May 255.18
Apr 255.01
Apr 254.67
Apr 254.69
Apr 253.88
Mar 254.53
Mar 254.87
Mar 254.66
Mar 255.01
Feb 255.34
Feb 255.5
Feb 255.88
Feb 255.94
Jan 255.76
Jan 255.32
Jan 255.78
Jan 255.73
Jan 254.74
Dec 244.66
Dec 244.45
Dec 244.73
Dec 245.09
Nov 245.38
Nov 247.56
Nov 247.43
Nov 247.34
Nov 247.49
Oct 247.82
Price to Book
1234med 2.16Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
FRO Price to Book by quarter
PeriodPrice to Book
Sep 263.57
Sep 263.47
Sep 263.25
Aug 263.12
Aug 263.42
Aug 263.23
Aug 263.11
Jul 263.09
Jul 263.08
Jul 262.86
Jul 262.99
Jul 262.88
Jun 262.78
Jun 263.21
Jun 263.06
Jun 262.76
May 262.72
May 263.29
May 263.25
May 263.5
May 263.28
Apr 263.16
Apr 263.29
Apr 263.04
Apr 263.25
Mar 262.98
Mar 262.85
Mar 262.68
Mar 263.06
Feb 263.36
Feb 263.32
Feb 262.96
Feb 262.81
Jan 262.74
Jan 262.5
Jan 262.52
Jan 262.39
Jan 261.97
Dec 252.09
Dec 252.08
Dec 252.19
Dec 252.24
Nov 252.25
Nov 252.48
Nov 252.4
Nov 252.23
Oct 252.36
Oct 252.21
Oct 252.2
Oct 252.14
Oct 252.18
Sep 252.17
Sep 252.18
Sep 252.19
Sep 252.08
Aug 251.97
Aug 251.97
Aug 251.8
Aug 251.83
Aug 251.8
Jul 251.77
Jul 251.75
Jul 251.82
Jul 251.67
Jun 251.62
Jun 251.81
Jun 251.89
Jun 251.69
May 251.75
May 251.75
May 251.74
May 251.65
May 251.63
Apr 251.58
Apr 251.47
Apr 251.47
Apr 251.22
Mar 251.42
Mar 251.53
Mar 251.47
Mar 251.58
Feb 251.52
Feb 251.57
Feb 251.68
Feb 251.69
Jan 251.64
Jan 251.52
Jan 251.65
Jan 251.63
Jan 251.35
Dec 241.33
Dec 241.27
Dec 241.35
Dec 241.45
Nov 241.53
Nov 241.79
Nov 241.76
Nov 241.74
Nov 241.78
Oct 241.86
Frontline Plc
FRO
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News: FRO

Frontline (NYSE:FRO) Hits New 1-Year High  – What’s Next?

defenseworld.net · 15 Sep 2026

Frontline (NYSE:FRO) Hits New 1-Year High – What’s Next?

Frontline PLC (NYSE: FRO - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday. The stock traded as high as $50.78 and last traded at $50.5480, with a volume of 4002429 shares traded. The stock had previously closed at $49.21. Wall Street Analysts Forecast Growth Several equities analysts have

Want to Look Beyond AI? Watch These Freight ETFs Skyrocketing YTD

zacks.com · 14 Sep 2026

Want to Look Beyond AI? Watch These Freight ETFs Skyrocketing YTD

Freight ETFs are surging as Middle East disruptions send tanker rates soaring, with BWET up over 3,700% YTD and shipping earnings at record levels.

Engineers Gate Manager LP Sells 80,393 Shares of Frontline PLC $FRO

defenseworld.net · 14 Sep 2026

Engineers Gate Manager LP Sells 80,393 Shares of Frontline PLC $FRO

Engineers Gate Manager LP lowered its position in shares of Frontline PLC (NYSE: FRO) by 45.6% in the undefined quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 96,064 shares of the shipping company's stock after selling 80,393 shares during

Amundi Buys 524,804 Shares of Frontline PLC $FRO

defenseworld.net · 12 Sep 2026

Amundi Buys 524,804 Shares of Frontline PLC $FRO

Amundi boosted its holdings in shares of Frontline PLC (NYSE: FRO) by 162.6% during the undefined quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 847,488 shares of the shipping company's stock after acquiring an additional 524,804 shares during the period. Amundi

FRO – Declares special one-time dividend after sale of two VLLCs

globenewswire.com · 11 Sep 2026

FRO – Declares special one-time dividend after sale of two VLLCs

Frontline plc (the “Company” or “Frontline”) (NYSE: FRO – OSE: FRO) refers to its announcement on August 4, 2026 regarding the sale of two VLCCs. Following the completion of the sale of the two VLCCs, the Board of Directors has declared a special one-time dividend of $0.80 per share, in line with Frontline's core strategy of returning cash to our shareholders. The special one-time dividend comes in addition to the previously declared dividend of $2.61 per share for the second quarter of 2026.

Iran Just Raised the Stakes in the Gulf—These 5 Stocks Stand to Benefit

247wallst.com · 8 Sep 2026

Iran Just Raised the Stakes in the Gulf—These 5 Stocks Stand to Benefit

Iran's latest threat against US energy assets in the Gulf sent oil past $91 a barrel, and the money is already rotating into a handful of names before most investors notice the trade is live.

Aptevo Reports 93% Clinical Benefit Rate with Mipletamig Triplet in Difficult-to-Treat TP53-Mutated Frontline AML

accessnewswire.com · 3 Sep 2026

Aptevo Reports 93% Clinical Benefit Rate with Mipletamig Triplet in Difficult-to-Treat TP53-Mutated Frontline AML

Remission results nearly double published ven/aza outcomes in patients with historically limited treatment success SEATTLE, WA / ACCESS Newswire / September 3, 2026 / Aptevo Therapeutics Inc. (Nasdaq:APVO), a clinical-stage biotechnology company developing novel multispecific immuno-oncology therapeutics, today announced a 93% clinical benefit rate with its mipletamig triplet in evaluable frontline acute myeloid leukemia (AML) patients with TP53 mutations, one of the most difficult-to-treat forms of the disease and a patient population that has historically responded poorly to treatment. "TP53-mutated AML remains one of the most challenging AML subpopulations to treat," said Dirk Huebner, M.D.

Frontline (NYSE:FRO) Sets New 52-Week High  – Time to Buy?

defenseworld.net · 3 Sep 2026

Frontline (NYSE:FRO) Sets New 52-Week High – Time to Buy?

Frontline PLC (NYSE: FRO - Get Free Report) hit a new 52-week high on Thursday. The company traded as high as $45.59 and last traded at $45.4480, with a volume of 1839620 shares. The stock had previously closed at $44.32. Analyst Ratings Changes Several analysts have issued reports on FRO shares. Pareto Securities lowered Frontline

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