Frontline plc (ticker: FRO) reported its first-quarter 2025 financial results, posting an adjusted earnings per share (EPS) of $0.18 and declaring a dividend of 18 cents per share. The company strengthened its liquidity by refinancing $1.3 billion of debt at SOFR plus 170 basis points, extending the term by approximately 3.5 years to 2030 with a 20-year amortization schedule. This refinancing covers 24 Very Large Crude Carriers (VLCCs) and is expected to lower breakeven costs. Frontline's revenue for the quarter reached $427.9 million, supported by one of the youngest and most efficient fleets in the shipping industry, with no major debt maturities until 2030. Cash reserves increased by $23 million quarter-over-quarter to $436.5 million. Despite broader market declines, Frontline's stock rose 3.5% at market open. Separately, International Maritime Partners (IMPP) reported a first-quarter adjusted EPS of $0.34, with an 83.8% fleet utilization rate and cash holdings of $227 million. IMPP anticipates delivery of six additional dry bulk vessels in the second quarter, indicating solid earnings prospects.