Norwegian-born shipowner and oil magnate John Fredriksen could basically establish a new US-listed tanker giant overnight by merging his two companies Frontline and the budding Frontline 2012. In addition, this comes at a time where the whole tanker market is booming with rates far above previous expectations and presumably a bright future to look forward to.
In any case, this is the estimate of Norwegian Pareto Securities in an update Tuesday, where Frontline is expected to completely redeem a convertible bond loan of originally USD 225 million, of which USD 93 million remain to be paid.
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