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Couldn't open the link, so I don't know the details mentioned.

Think JF will be putting capital into FRO, or just let it go. Wouldn't be good for the group.

Depends on the time-frame.
- If FRO needs funds in 2013, I'm thinking he would consider some type of stop-gap measures.
Why? A majority of the vessels in the FRO fleet belong to SFL (22) and Frontline 2012 (10),
and Frontline 2012 hasn't started its fleet ramp-up. Somewhere along the way, Frontline 2012 will
start operations. At that stage, the stage opens and JF has a lot more options. For example,
with another chartering entity available, he could slowly migrate the SFL fleet over from
FRO. Currently, he does not have a team, other than FRO, to manage crude oil tankers.

- In mid-2014 or so, he can start building out a staff for Frontline 2012, probably including
some of the existing FRO staff. That's when the FRO entity can exit the tanker market.
The convertible bond can likely be taken care off in 2015, via an equity stake in Frontline
2012. Before then, let those bond-holders sweat through uncertainty to earn their 4.5% interest.
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