You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: We're obviously quite content to being able to provide black numbers, maybe to the surprise of many of you.
Q1 '21 was a fairly quiet quarter corporate-wise as we are in a good position financially and no major transactions were concluded during the quarter.
We continue from Frontline a high focus on the well-being of our seafarers as they are out there being exposed to the global ebb and flow of COVID-19 infections.
Our technical and operations team are doing a fantastic job in mitigating the challenges that arise and I'm very happy to report that they are well under way in vaccinating our sailors.
Let's move to Slide 3 and have a look at the highlights.
The Q1 '21 performance is very much a testament to keeping true to our strategy.
Being mostly spot exposed and not expecting an imminent recovery in the market, our charter investment remains true to trading the ships in a month where we allow our vessels to commit to long voyages securing income but potentially giving away upside.
Our modern fuel-efficient fleet is built for this purpose and it also gives us this flexibility.
This proved to be the right call.
In the first quarter of 2021, we made $19,000 per day our VLCC fleet, $15,000 per day on our Suezmax fleet, and $12,000 per day on our LR2/Aframax fleet.
So far in Q1, we have booked 70% of our VLCC days at $18,100 per day, 63% of our Suezmax days have $13,600 per day, and 59% of LR2/Aframax days have $14,200 per day.
All these numbers in the table are on the load to this chart basis.
Before Inger takes you through the financial highlights, let me quickly comment on the fleet development as well.
We took delivery of two of our four LR2s coming this year.
Front Fusion and Front Future in March and April respectively, bringing our number of LR2s on the water to 20.
Further, subsequently, we confirmed acquisition through the resale of six high-spec ECO-scrubbers fleet of VLCCs to be delivered from Hyundai Heavy Industries in Korea.
Five in 2022 and one early in 2023.
I'll now let Inger take you through the financial highlights.
Let's turn the slide to Slide 4 and look at the income statement.
As I said, we are happy to report numbers in black, and Frontline achieved total operating revenues and work expenses of $107 million in the first quarter.
We also have an adjusted EBITDA of $59 million and net income of $28.9 nine million, or $0.15 per share.
Further, we have an adjusted net income of $8.8 million or $0.04 cents per share.
The adjustments consist of a $15.7 million gain on derivatives, a $3.1 million unrealized gain on marketable securities, a $1.2 million on amortization on acquired time charters, and $0.1 million results of associated companies.
The adjusted net income in the first quarter has increased by $21 million compared with the previous quarter.
The increase was driven by a decrease in ship operating expenses of $11 million, mainly as a result of $6.4 million lower dry-docking fund.
We also had an increase of cash and cash equivalents of $6.4 million and that was due to the prior TCE rates, as well as we had a $11.2 million decrease in other costs.
Let us then take a look at the balance sheet on Slide 5.
The total balance sheet numbers have increased by $10 million in the first quarter.
The balance sheet movements in the quarter were related to taking delivery of the energy sector from Fusion in addition to ordinary debt payments and depreciation.
As of March 31, 2021, Frontline had $318 million in cash and cash equivalents including undrawn amounts under our senior unsecured loan facility, marketable securities, and minimal cash requirements.
Let's then take a closer look on Slide 6 on the cash breakeven rates and the opex.
We estimate that risk cash costs break-even rate will remain for 2021 of approximately $21,500 per day for VLCC, $17,700 for days for the Suezmax tankers, and $15,900 per day for LR2 tankers.
This gave a fleet average of about $18,100 per day.
These rates, they are all-in day rates.
That's our vessel rates to cover budgeted operating costs and dried up estimated interest expenses, TCE, and bearable high, and installments on loans, and G&A expenses.
In the quarter, we recorded opex expenses of $7,300 per day for the VLCCs, $7,100 a day for the Suezmax tankers, and $7,200 for the LR2 tankers.
We did dry dock one Suezmax tanker in the first quarter only, and we expect to dry dock up two Suezmax tankers and four LR2 tankers in the second quarter.
Let's then look at the graph on the right hand of the slide.
As usual, we show the incremental cash flow after debt service per year and per share.
Assuming $10,00, $20,000, $30,000, or $40,000 per day achieve rates in excess of all the cash breakeven rates.
The numbers include vessel on timeshare are distant from building deliveries.
And then looking at the period of 365 days from April 1, 2021.
So in this graph, as an example, with a fleet average cash possibly breakeven rates of $18,100 per day and assuming $30,000 on top of the average fleet earnings, then the TCE rate would be $48,100 one per day.
A strong fund would then generate a cash flow per share of the debt service of $3.45.
With this, I'll leave the word to Lars again.
And let's move to Slide 7 and have a look here for a recap of the Q1 '21 tanker market.
And it goes without saying that it's been somewhat demanding.
So total world oil consumption rose by 4.3 million barrels from January to March and reached to 96.5 million barrels per day.
On the other hand, supply fell by 0.5 million barrels.
This was mostly fueled by the actions from Saudi Arabia and their volunteer cuts to -- turn it up at 93.5 million barrels per day at the end of the quarter.
As we continued to draw on inventory, tanker demand remained basically unchanged.
We did, during the quarter, see return of Libyan volumes.
And we had toward the end of the quarter a U.S. -- the U.S. cold snap that created a lot of volatility.
So tanker rates firmed toward the end of the quarter, and this is I find quite positive because it actually is indicating a thinner balance than what may be perceived.
So basically, to wrap up Q1, we see demand or consumption is running ahead of supply and the draw on inventories is come for mitigating that volume.
If you look at the chart on the right-hand side, you see what I refer to as a ripple rather than a very strong market, but we see how quickly rates react where we saw, firstly, the Aframax market move in line with the Libya opening up.
cold snap, affecting what was inside of the U.S. Gulf.
So let's move on to Slide 8 and look at the tanker order books.
On all asset classes, we are observing delayed recycling.
We see very little support for keeping older tonnage in this market.
But they remain in the fleets.
Recycling prices are up 30% year to date and are now count being negotiated around %550 per long ton or $23 million for a VLCC.
This is, to some extent, being outcompeted by the fact that we continue to see demand for vintage tonnage from undisclosed price -- buyers with relatively firm prices.
The overall tanker order book has shrunk year to date by approximately 4%.
This as vessels deliver and new ordering has been fairly muted.
We've seen on the VLCC's 20 new -- 28 new orders placed, but as 25 vessels are delivered at the same time, the order book remains to be fairly flat.
The VLCC order book stands at around 9% of the existing fleet, and the overall order book for tankers is up to around 7% of the existing fleet.
Let's move to Slide 9 and recap what's going on the asset prices.
So the asset prices are on the move.
We have, over the last six months, see more -- seen more than 170 new orders for containerships.
We've also seen quite some ordering on LPG.
And also seeing confirmation of LNG orders, which has further contributed to the activity.
And in line with the entire commodity space, steel prices have appreciated sharply.
The fundamentals of the tanker market suggest a tightening of capacity over the coming years.
And the regulatory tightening in respect of greenhouse gas emissions further supports the case of investing in modern fuel-efficient ships.
Propulsion is yet not the driver.
Right now, it's the yard capacity or rather the lack of it which is driving prices together with the steel.
So let's move to Slide 10 and look at the short-term outlook.
So we're currently right in the middle of OPEC plus productions increasing.
They are increasing somewhat slowly, but they are adding to transportation demand.
Currently, Asia, and in particular, China, are coming out of refinery maintenance.
And oil demand continues to recover.
and Europe in focus as we're coming out of lockdowns.
Inventories, both on land and floating, are now normalized and at pre-COVID-19 levels.
From where we are now, according to EIA, oil supply is expected to grow by 6 million barrels by year-end.
If you look at the graph on the left-hand side below, we see that most of these increases are expected to happen basically from where we stand now and over the summer.
The key to the demand bounces in 2021, you can find on the right-hand side.
We know that gasoline demand fell by 3.3 million barrels per day in 2020.
And it's now expected to grow by 1.8 million barrels per day in 2021.
For jet, it's affected the crude oil balances by 3.2 million barrels per day and negative in 2020 and about 1.3 million barrels per day is expected to return this year.
For diesel, we're actually adding more than we lost, 1.2 million barrels per day.
For fuel oil, we're keeping at level.
Other kind of uses of oil is also linked to this at 0.7 million barrels per day.
Let's move over to Slide 11 and my summary.
So basically, to wrap this up, all key macro indicators points toward a firm recovery.
And global GDP is expected up 6% this year.
Asset prices are on the move as yard capacity is tightening and steel prices are increasing.
I've just mentioned, global oil supply is expected to grow by 6 million barrels by the end of 2021.
The COVID-19 vaccination pace in the developed countries is very encouraging and countries are opening up.
We can see on the graph below, which indicates activity within the various key segments of the shipping sector.
That the cyclical recovery run has started.
All key shipping sectors are firm.
The tankers are lagging.
Frontline is ideally positioned to capitalize on the anticipated recovery in tanker markets with our modern, spot-exposed, fuel-efficient fleet.
And with that, I would like to open up for question-and-answer session.

user
frontline q1 net income at usd 28.9 mln.
q1 net profit 28.9 million usd.
q1 diluted earnings per share 0.15 usd.
reg-fro - first quarter 2021 results.
net income of $28.9 million, or $0.15 per diluted share for q1 of 2021.
reported spot tces for vlccs, suezmax and lr2 tankers in q1 of 2021 were $19,000, $15,200 and $12,000 per day, respectively.
high number of ballast days at end of quarter will limit amount of additional revenues to be booked on a load-to-discharge basis.
will recognize certain costs during uncontracted days up until end of period.
we expect spot tces for full q2 of 2021 to be lower than tces currently contracted, due to impact of ballast days at end of q2 as well as current freight rates.

assistant