Goldman upgrades Frontline
Created: Jan 22, 2009 10:00 AM
LONDON (Bloomberg) — Frontline Ltd., the world's largest owner of supertankers, was raised to "neutral" from "sell" by Goldman Sachs Group Inc., which cited demand for storing crude oil at sea. Shore-based oil storage facilities are "almost full", spurring traders to hire supertankers to store excess supply, the bank's analysts wrote in a note on Tuesday. That means fewer ships for deliveries and higher rental costs.