Frontline Ltd.: NYSE: FRO--$11.45: rating: buy. (Jefferies).

Publication: Buyside

Publication Date: 01-APR-03

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COPYRIGHT 2003 Adams Business Media

Maritime Group

Update--March 13, 2003

Company Description:

Frontline Ltd. is a major, Bermuda based, tanker company. The fleet, which is the largest and the most modern in the world, consists of 32 Suezmax tankers (of which eight are Combination Carriers) and 41 VLCC (very large crude carriers) tankers including new buildings, totaling 17 million dead weight tons. Through the corporate transactions undertaken since 1996, Frontline has emerged as the leading tanker company within the VLCC and Suezmax segments.

Investment Thesis:

We reiterate our Buy rating on Frontline Ltd. (FRO) with a 12-month price target of $17. Frontline operates the world's largest and most modern tanker fleet with a dominant position in the VLCC and Suezmax markets. With a fleet of 40 VLCCs and 32 Suezmax tankers, Frontline is highly leveraged to increasing OPEC production and long-haul oil trade.

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