Frontline books deficit in weak first quarter

John Fredriksen's crude oil tanker carrier has booked a new deficit. "Inventory draws impacted a freight market that was already suffering from high fleet growth," says the carrier's CEO.

Photo: Frontline

Tanker shipping company Frontline, controlled by John Fredriksen, was hit by a still-weak tanker market in the first quarter of the year, for which the company reports a new deficit.

2018 has been projected by many stakeholders to be a challenging year for the crude oil carriers – and so far this year the rate environment has been weak, notes CEO Robert Hvide Macleod.

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