Frontline pointed to disruption from Iranian sanctions and painted an optimistic view on Opec production as it predicted the worst news for the tanker market was in the rear view mirror.
As it reported a larger than expected third quarter profit the John Fredriksen-backed tanker owner presented a market that is beginning to re-balance.
Robert Hvide Macleod, chief executive of Frontline Management, said after 18 months of extremely challenging conditions it was optimistic that the market has now exited the cycle trough.
