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Fly News Breaks for September 12, 2019
FRO
Sep 12, 2019 | 19:58 EDT
BTIG analyst Gregory Lewis upgraded Frontline to Buy with a price target of $12, saying that the tanker market looks to be turning the corner after a challenging first half of the year. The analyst believes that tanker rates will trend higher heading into the winter amid increased U.S. exports, slower fleet growth, and the implementation of International Maritime Organisation's 2020 guidelines. Lewis adds that under a backdrop of firmer demand, VLCC rates that spiked over $40k/d in August could move exponentially higher to $60-80k/d.
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