Frontline (Buy, TP: NOK346.00) - Primed for potential upcycle
Having completed the VLCC fleet acquisition from Euronav, re-leveraged part of its fleet and disposed of older tonnage, we believe Frontline is poised to reap the rewards of a potential VLCC upcycle. In our view, the limited supply outlook means any meaningful demand growth could raise rates to new heights, which would enable meaningful shareholder distributions. We reiterate our BUY and have raised our target price to NOK346 (278).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.