While the original Frontline is now confident of covering a convertible bond repayment, Frontline 2012 is set to become a pure play tanker owner after revealing plans to dividend out its holdings in Avance Gas and Knightsbridge Shipping.

A sum of 4.1 million Avance shares worth over $68m will be handed out in March, with its holding in Knightsbridge to follow after its merger with Golden Ocean is complete.

“Consequently,