Eye-catching rate guidance has overshadowed a weaker than forecast fourth quarter for John Fredriksen’s Frontline.
The tanker owner saw its profit lag market expectations during a resurgent fourth quarter for the freight market.
While its VLCC performance lagged peers in the period analysts were encouraged by the strong bookings for the first quarter of 2019 and positive sector outlook.
Robert Hvide Macleod, chief executive of Frontline Management, said: "The market improved in the fourth quarter before pulling back due to OPEC cuts, accelerated fleet growth and seasonal factors.
