Frontline (Buy, TP: NOK60.00) - Launches ATM
Frontline said late yesterday it had launched a USD100m ATM equity offering programme. Based on its previous use of ATMs, we believe it is likely to use the ATM in the expected stronger tanker market in H2e and 2019e, not in the current weak tanker market. This news follows an order for 14 scrubbers and the purchase of 20% of a scrubber company.
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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