Oslo-listed Frontline has given the first hints of the transformative power of its $2.35bn deal to buy 24 modern VLCCs from Euronav last year.

The John Fredriksen-controlled VLCC and suezmax giant said one more tanker remains to be delivered from the fleet acquired in the fourth quarter.

The Oslo-listed company got its hands on 11 ships last year, with 12 more following in January and February.