Oslo-listed Frontline told investors this morning that the remaining $93.4m balance on the convertible had been met.

The bond had threatened to require a second restructuring of the company but an upturn in the tanker market helped the owner meet the requirement.

Warnings were voiced in a number of the company’s quarterly reports over the past couple of years, but in February said it was confident of making the payment as tanker rates had taken off.

Today’s