Talk of combining the two companies has been rife in the market for some time and intensified in the wake of Fredriksen pulling bulker owners Knightsbridge and Golden Ocean together.

Frontline yesterday knocked $22.5m off a bond repayment requirement while its stock has been boosted by the red hot VLCC market.

DNB analysts led by Nicolay Dyvik say today a combination of the two Fredriksen tanker companies is “looking less likely”.