Notes

On August 28, 2026, the issuer released information that was updated on September 4 at 21:18 UTC. For the third quarter, the currently contracted rate for Very Large Crude Carriers, or VLCC, is $156,900 per day, with 86% of the quarter booked. The issuer expects that the average rate for the rest of the quarter will be lower than the contracted rate due to days when the ships are not carrying cargo, known as ballast days. This update is a recheck of the same information that was previously reported, not a new confirmation from another source or a new update on bookings. The issuer has the most knowledge about its own bookings and has a financial interest in them, but this update does not estimate future returns on shares. https://www.frontlineplc.cy/fro-second-quarter-and-six-months-2026-results/

A review of the supply operations was done on September 4, 2026, at 21:18 UTC. Two trades that were returned to the supply were closed because the operator had to liquidate them, and there are no orders that are currently open or pending. Only supply monitor number 4 has been completed. The current allocation of money supplied is $278.67 in cash, and the total equity in the account is $851.08. The venue, which is the place where trades are executed, is the direct source for getting information about executions and the status of the monitors. The capital, or money, comes from a snapshot of the supplied funds. runway query_trades fund=supply; runway list_monitors fund=supply; user venue snapshot 2026-09-04T21:17:55.806Z

On September 4 at 21:06 UTC, a review of the trade ledger showed it only had two closed trades, FRO #6 and STNG #3, with no open or pending orders. The supply monitor, which tracks the availability of funds, numbered #4, had a status of done, meaning its task was completed. A snapshot of the user's account at the trading venue reported that there was $278.67 in cash that could be used and a total equity of $851.08. This information came directly from the trading venue and showed the current operational state, but did not include any predictions about future prices or returns. runway query_trades fund=supply; runway list_monitors fund=supply; user venue snapshot 2026-09-04T21:05:30.994Z

A news release from Frontline, dated August 28, 2026, and retrieved on September 4 at 21:06 UTC, stated that the company expects its full third-quarter spot Time Charter Equivalent, or TCE, to be below its currently contracted TCE due to ballast days, which are days a ship travels without cargo. This means that the ship is not earning money during those days. The company's expectation is based on its own bookings, but it is worth noting that the company has a commercial interest in the outcome and this is a forward-looking expectation, not the actual result for the third quarter. This information relates to an existing observation, number 30, which reported a booking figure of $156,900 per day at 86% Very Large Crude Carrier, or VLCC, coverage, but it does not contradict that figure. The information comes from the company itself and has not been independently confirmed. https://www.frontlineplc.cy/fro-second-quarter-and-six-months-2026-results/

A company release from August 28, 2026, which was retrieved on September 4, 2026, stated that for the third quarter of 2026, 86% of the Very Large Crude Carrier, or VLCC, is currently contracted at a spot rate of USD/day. This information comes directly from the company's own reports on its bookings, which is the closest source available, but it is forward-looking and may be influenced by the company's own interests. The booking metric provides insight into revenue visibility, but it does not necessarily indicate future share returns. https://www.frontlineplc.cy/fro-second-quarter-and-six-months-2026-results/

The operator of STNG had a liquidation with a realized return percent measured from September 4, 2026, based on venue fills. The entry was on September 2 at a price of 79.76, and the liquidation was on September 4 at a price of 80.36. The profit and loss was 0.60173 dollars, which is a 0.12605R return using the recorded stop, and it is 5.85938 percent of the original target distance. The venue is the primary record of execution. This calculation does not include fees or dividends. The exit was due to an outside factor, not a trigger from the strategy, and it was realized, meaning it was actually carried out. runway query_trades fund=supply; trade #3

The FRO operator's liquidation realized return percent was measured from September 2 to September 4. The entry price was 44.49 on September 2 and the liquidation price was 46.182917 on September 4. This resulted in a profit and loss of $4.37556, which is 0.67989 times the risk, using a recorded stop, and is 26.00487 percent of the original target distance. The venue is the primary record of the execution. No fees or dividends are included in this calculation. The exit was not triggered by the strategy, but was an external event. runway query_trades fund=supply; trade #6

The status of our thesis on FRO tankers was re-checked before trying to enter the market. On September 1, the United States launched new strikes on Iran, and Iran is retaliating. The speaker of the Iranian parliament is threatening to block all oil exports from the region. The price of Brent oil is now over $96, which means the situation is getting worse, not better. We did not find any news about a ceasefire, which is an agreement to stop fighting. In June 2026, there was a memorandum of understanding, or MOU, which is a document that outlines an agreement, and a ceasefire, but it fell apart in July after Iran attacked ships that were not following approved routes. This means that there is still a chance for a surprise deal, but it is not likely to happen soon based on current news. The stock prices of FRO, STNG, DHT, TRMD, and INSW were $44.32, $79.61, $19.69, $33.21, and $99.76, respectively, on September 1, which is near their recent highs, and the upward trend is still intact. The market was closed on September 2 during the time we were trying to execute our plan, which is from 03:xx UTC, and it will open at 13:30 UTC on the same day. Our plan and thesis for FRO tankers have not changed from the previous day, and we will move forward with the same plan. https://www.rferl.org/a/iran-live-blog-trump-middle-east/33803414.html

On September 1, 2026, the United States launched new strikes on Iranian targets, including those related to the Islamic Revolutionary Guard Corps, mine-laying, and radar, in response to Iran's attempt to mine the Strait of Hormuz and a missile launch at a US base. Iran's parliament speaker, Ghalibaf, had previously stated on August 28 that if Iran is unable to export oil, then no other country in the region will be able to do so either, referring to this as an 'all or nothing' situation. As a result of these events, the price of Brent oil has risen above $96. Additionally, war risk insurance premiums have increased to 7.5-10% of the hull value, which is a significant increase from the pre-war rate of 0.25%. The cost of renting a very large crude carrier, or VLCC, for a trip from the Middle East to Asia has also reached a peak of approximately $498,000 per day, according to Lloyd's List, which tracks shipping industry data. https://www.rferl.org/a/iran-live-blog-trump-middle-east/33803414.html ; https://x.com/DropSiteNews/status/2079991301756358905

Frontline booked 86% of its Q3 very large crude carrier days at $156,900 per day, which is much higher than the usual rate of around $40-60,000 per day. The company also booked 79% of its Suezmax days at $117,400 per day and 70% of its LR2 days at $81,000 per day. Management says that crude oil exports from Hormuz are down 82% and the number of days that very large crude carriers are not being used is up 23%, due to disruptions caused by the war in Iran. If the United States and Iran reach a deal, management expects rates to return to normal quickly. https://www.fool.com/earnings/call-transcripts/2026/08/28/frontline-fro-q2-2026-earnings-call-transcript/