Frontline is "making all the right moves" after spurning the chance to acquire another four suezmaxes from Trafigura.

This is according to Cleaves head of research Joakim Hannisdahl, who has reiterated his buy rating on the stock and raised the target share price to $15 from $12.

The move reflects rising asset prices and higher pricing from earnings multiples in 2020, he said.