Frontline plc Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>Frontline plc has submitted its 20-F annual report detailing its 2023 fiscal year operations and financial standing.</b>

AI Summary

Frontline plc (FRO) filed a Foreign Annual Report (20-F) with the SEC on April 26, 2024. Frontline plc filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Deep Sea Foreign Transportation of Freight. Frontline plc was formerly known as Frontline Ltd and London & Overseas Freighters Ltd. The filing includes financial data for fiscal years 2020, 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Frontline plc, this filing contains several important signals. This filing provides investors and analysts with a comprehensive overview of Frontline plc's financial performance, strategic initiatives, and risk factors for the 2023 fiscal year. As a major player in the deep-sea freight transportation industry, the information in this 20-F is crucial for understanding the company's position within the global shipping market and its future outlook.

Risk Assessment

Risk Level: low — Frontline plc shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, specific negative news or significant deviations from typical reporting requirements.

Analyst Insight

Monitor future filings for detailed financial results, fleet updates, and strategic announcements related to the company's operations in the deep-sea freight transportation sector.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240426 — Filing Date (Filed as of date)
• 1934 Act — SEC Act (The act under which the filing was made)
• 001-16601 — SEC File Number (SEC file number for Frontline plc)

Key Players & Entities

• Frontline plc (company) — Filer of the 20-F report
• Frontline Ltd (company) — Former name of Frontline plc
• London & Overseas Freighters Ltd (company) — Former name of Frontline plc
• DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT (industry) — Standard Industrial Classification for Frontline plc

FAQ

Industry Context

Frontline plc operates in the deep-sea foreign transportation of freight sector, a critical component of global trade and logistics.

Regulatory Implications

As a foreign private issuer, Frontline plc is subject to SEC regulations, including the requirement to file annual reports on Form 20-F.

What Investors Should Do

1. Review the full 20-F filing for detailed financial statements and management discussion.
2. Analyze segment performance and any disclosed operational metrics.
3. Assess any new risk factors or legal proceedings mentioned in the report.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-04-26: Filing Date — Date the 20-F annual report was officially submitted to the SEC.

Glossary

20-F

An annual report required by the U.S. Securities and Exchange Commission (SEC) for foreign private issuers. (Provides comprehensive financial and operational information about the company for the fiscal year.)

Fiscal Year End

The last day of a company's accounting year. (Indicates the period covered by the financial statements and reporting.)

Year-Over-Year Comparison

This is the initial extraction of the 20-F filing for the fiscal year 2023. Comparative data from previous filings would be found within the document itself.

Key Financial Figures

• $1.00 — stered Ordinary Shares, Nominal Value $1.00 Per Share FRO New York Stock Exchange

Filing Documents

• fro-20231231.htm (20-F) — 3377KB
• exhibit81202320f.htm (EX-8.1) — 114KB
• exhibit121202320f.htm (EX-12.1) — 8KB
• exhibit122202320f.htm (EX-12.2) — 8KB
• exhibit131202320f.htm (EX-13.1) — 4KB
• exhibit132202320f.htm (EX-13.2) — 4KB
• exhibit971202320f.htm (EX-97.1) — 70KB
• image_0.jpg (GRAPHIC) — 6KB
• 0000913290-24-000002.txt (&nbsp;) — 16129KB
• fro-20231231.xsd (EX-101.SCH) — 141KB
• fro-20231231_cal.xml (EX-101.CAL) — 93KB
• fro-20231231_def.xml (EX-101.DEF) — 546KB
• fro-20231231_lab.xml (EX-101.LAB) — 1031KB
• fro-20231231_pre.xml (EX-101.PRE) — 776KB
• fro-20231231_htm.xml (XML) — 2931KB

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 79 Item 12.

Description of Securities other than Equity Securities

Description of Securities other than Equity Securities 80 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 81 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 81 Item 15.

Controls and Procedures

Controls and Procedures 81 Item 16. [Reserved] 82 Item 16A. Audit Committee Financial Expert 82 Item 16B. Code of Ethics 82 Item 16C. Principal Accountant Fees and Services 82 Item 16D. Exemptions from the Listing Standards for Audit Committees 83 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 83 Item 16F. Change in Registrant's Certifying Accountant 83 Item 16G. Corporate Governance 83 Item 16H. Mine Safety Disclosures 84 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 Item 16J. Insider Trading Policies 84 Item 16K. Cybersecurity 84 PART III Item 17.

Financial Statements

Financial Statements 87 Item 18.

Financial Statements

Financial Statements 87 Item 19. Exhibits 88 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Matters discussed in this annual report and the documents incorporated by reference may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Frontline plc and its subsidiaries, or Frontline, or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This annual report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance, and are not intended to give any assurance as to future results. When used in this document, the words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "targets," "likely," "would," "could," "seeks," "continue," "possible," "might" and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this annual report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectat

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION Throughout this annual report, the "Company," "we," "us" and "our" all refer to Frontline plc and its subsidiaries. We use the term deadweight ton, or dwt, in describing the size of vessels. Dwt, expressed in metric tons, which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. The Company operates oil tankers of two sizes: very large crude carriers, or VLCCs, which are between 200,000 and 320,000 dwt, and Suezmax tankers, which are vessels between 120,000 and 170,000 dwt. The Company also operates LR2/Aframax tankers, which are clean product tankers and range in size from 111,000 to 115,000 dwt. The Company defines an ECO vessel as a vessel with certain specifications that improve fuel consumption performance as compared to the previous generation of vessels. Typically built from 2015 onwards, ECO vessels have improved hull and engine designs to maximize operational performance according to today's operational profiles. The Company also designates vessels as ECO if they have undergone retrofits such as de-rating to improve specific fuel consumption at today's market speeds, installing propulsion improvement devices, or upgrading engine and equipment to bring the consumption performance of older vessels into line with those constructed from 2015 onwards. All ECO-vessels meet EEXI certification requirements. Unless otherwise indicated, all references to "USD," "US$" and "$" in this annual report are U.S. dollars. A. [RESERVED] B. CAPITALIZATION AND INDEBTEDNESS Not applicable. C. REASONS FOR THE OFFER AND USE OF PROCEEDS Not applicable. D. RISK FACTORS We are engaged in the seaborne transportation of crude oil and oil products. The risk factors summarized in the Cautionary Statement Regarding Forward Looking Statements and Risk Factor Summary and detailed below, summarize the risks that may materially affect our business, financial condition or results of operations.

View Full Filing

View this 20-F filing on SEC EDGAR