Frontline's strong share price gave it the ability to pay an above-market rate for two modern VLCCs from Okeanis Eco Tankers, Clarksons Platou Securities believes.
The John Fredriksen-backed shipowner is paying $90m each for the 319,000-dwt scrubber-fitted Nissos Santorini and Nissos Antiparos (both built 2019) from the Greek owner.
Frode Morkedal, managing director of research at Clarksons Platou, said the price is 2% to 3% higher than shipbroker quotes used in the investment bank's calculation of Frontline's net asset value (NAV).
