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So then, what's your long-term take on FRO? Do prices in the low $3's speak of opportunity, or a death knell?

TIA for your opinion :)

Best as I can tell, FRO's primary role is that of a fleet manager- for the ITCL vessels, for
the SFL vessels, for the FRNT vessels, etc. Notice a pattern? The other entities have a JF
connection. FRNT is not quite ready for prime time. I mean, none of the newbuild vessels deliver
this year. My guess is, FRO hobbles along this year. If necessary, JF figures a way to inject
more cash into FRO just to get by in 2013. Still working on the mid-term theory of how the
pieces fold into FRNT.
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