Frontline is one of the world's largest independent tanker companies, transporting crude oil and refined petroleum products by sea. Frontline operates a fleet of 80 vessels totaling approximately 17.6M DWT, split across three vessel classes: 41 VLCCs (Very Large Crude Carriers) for long-haul crude routes, 21 Suezmax tankers trading mainly in the Atlantic Basin and Middle East, and 18 LR2/Aframax tankers carrying refined products and crude between major refinery hubs. Customers are major oil companies, state-owned producers, and large trading firms. Frontline earns revenue by charging a daily rate for oil transport, primarily through spot market voyage charters, with time charters capped at roughly one-third of the fleet to preserve upside exposure to rate cycles. The fleet is entirely composed of fuel-efficient ECO vessels, with an average age of 7.5 years, and about 57% are fitted with scrubbers that allow use of cheaper high-sulfur fuel. Frontline outsources technical ship management to third parties, keeping its focus on commercial and chartering activities. Capital allocation is explicitly pro-cyclical: Frontline maintains balance sheet leverage and pays out virtually all free cash as dividends, positioning itself as a leveraged, spot-exposed vehicle for tanker market returns. Frontline actively renews its fleet by selling older vessels near peak asset values and reinvesting in latest-generation newbuildings, with a long-term preference for VLCCs given expected growth in long-haul crude trade from the Americas to Asia.