Frontline’s mega-deal to buy 24 modern Euronav VLCCs for $2.35bn looks better with each passing day, according to analysis by Clarksons Securities.

The investment bank estimates the fleet as worth $2.6bn already, with the final vessel still to be delivered after the agreement was signed in October.

“Ship values are generally rising as one-year and longer-term charter rates rise,” analysts led by Frode Morkedal said.