Frontline (Hold, TP: NOK75.00) - Bolstering liquidity for newbuilds
Yesterday, Frontline announced it has agreed to sell four LR2 tankers for USD160m, generating cash proceeds of USD67m after repayment of debt. The transaction follows it raising cUSD50m in new equity in October, prudent steps to bolster liquidity in challenging tanker markets in order to fund remaining capex on its six VLCC newbuilds due for delivery in Q1 2022–Q1 2023.
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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