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Shipping leaser Frontline Ltd. (FRO) which I first wrote about on April 28, 2009 at a price of $19.17, has finally entered smoother waters. And it's about time.Dayrates for the company's very large crude tankers (VLCCs) and Suezmax tankers rose to $33,200 and $21,300 in the fourth quarter, respectively.
Further, the calculation here is that 2010 global GDP growth with be sufficient to maintain an adequate-to-high oil price of $60-80 per barrel. That should be enough to keep tanker dayrates firm. The economic bears argue sluggish GDP growth will weigh on oil demand, depressing oil's price, and thus reduce demand for tankers. As they say in The Bronx, N.Y., we'll believe it when we see it, hence the risk/return remains tipped in favor of an FRO position.
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