Frontline once again demonstrates why the JF premium is warranted, taking advantage of a record-strong S&P market while renewing the fleet through the Hemen transaction. Hemen assumed the risk of ordering nine vessels in 2024/25 and is now dropping them down to FRO at a more than fair price. The implied spread is only ~USD 32.1m for brand-new vessels versus the vessels sold (average age ~10.1 years), of which seven out of eight were due for special survey this year. We view this as an efficient ....
