Rising asset values are already making the biggest tanker sale-and-purchase deal of all time look like a bargain.

John Fredriksen’s Frontline paid $2.35bn to acquire 24 modern VLCCs from Euronav in October, ending a shareholder deadlock over the future of the Belgian company.

The deal was done in line with broker valuations at the time, allowing Frontline to expand its VLCC fleet at market terms, “a difficult feat in the less liquid secondary market”, Clarksons Securities said.