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Frontline remains in the hunt for ‘attractive opportunities’ in prolonged weak tanker market

Frontline remains in the hunt for ‘attractive opportunities’ in prolonged weak tanker market

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Despite losing more money its latest quarter John Fredriksen’s tanker venture Frontline is eyeing some opportunistic acquisitions in the coming months.

Frontline reported a $19.4m net loss in the second quarter, but its CEO, Robert Hvide Macleod, remains adamant that the current weakness of the tanker markets presents opportunities.

“Given how both the ship values and spot market conditions have developed over the summer, we believe we are better positioned having not done any substantial acquisitions in the first half of the year. We expect attractive opportunities to emerge as a result of the weak market and will remain opportunistic going forward,” Macleod said today.

Frontline made a number of failed bids to take over rival tanker firm DHT Holdings earlier this year. It remains keen to be at the forefront of the consolidation witnessed in the tanker sector over the past year.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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