Frontline picked off a pair of VLCC resales at DSME at the lowest price seen in well over a decade, analysts say.
John Fredriksen’s Frontline paid $77.5m each for the tankers, which are set for delivery later this year.
Fotis Giannakoulis of Morgan Stanley says the figure is the lowest price paid for a VLCC resale since 2003.
As TradeWinds reported yesterday, Frontline Management chief executive Robert Hvide Macleod said he would not be surprised if the deal defined the bottom of the cycle on asset prices.
