Frontline Seen Rising 36% on Record Chinese Oil Cargoes: Freight
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China is using the most supertankers in five months to meet record demand for oil imports, diminishing a glut of shipping capacity and returning John Fredriksen’s Frontline 2012 Ltd. to profit.
The number of carriers bound for Chinese ports rose 32 percent since August, according to ship-tracking data compiled by Bloomberg. Monthly imports averaged an all-time high of 22.26 million metric tons this year, customs data show. Shares of Frontline 2012, formed in December by the richest shipping investor, will gain 36 percent within 12 months, according to the average of six analyst estimates compiled by Bloomberg.