Frontline (Buy, TP: NOK340.00) - In position, awaiting market upturn
We believe tanker markets are set for an upturn towards year-end, while the longer-term fundamentals remain intact, with fleet growth for tankers limited to 3% next year (<1% for VLCCs) and given an ageing fleet with increasing replacement needs. Hence, any meaningful demand growth could raise rates to new highs, in our view. We reiterate our BUY but have lowered our target price to NOK340 (345).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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