Arctic analyst Erik Nikolai Stavseth says yesterday’s appointment of Robert Macleod as chief executive was the first act of a restructuring process.

In a report this morning Stavseth said the union of Fredriksen’s two tanker companies will take place before 15 April 2015 when a convertible bond payment is due and “potentially before year-end”.

Frontline presently controls a 5% share of Frontline 2012, that has a value of around $80m.

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