Frontline's top executive has backed up his belief in the company by adding to his shareholding.
The company said in an Oslo stock exchange announcement that Frontline Management chief executive Robert Hvide Macleod had acquired 50,000 shares on Thursday at NOK 74.57 each.
The slice cost NOK 3.72m ($346,000), giving him a total of 1.05m shares in the John Fredriksen-controlled company.
This is worth $8.35m based on the latest share price of NOK 75.15, down nearly 3% on the day.
The stock has been as high as NOK 123 in the last year, but dipped to NOK 55 during the coronavirus share price slump in March.
Last week, Frontline said it was planning to tap equities markets to the tune of $100m amid a push to expand its fleet.
The tanker owner said investment bank Morgan Stanley will act as a sales agent for an at-the-market offering of its shares, which could see stock sold "from time to time".
"The net proceeds of this offering will be used to opportunistically fund growth opportunities and for general corporate purposes," the company said in a statement announcing the offering.
The move came three weeks after Macleod told analysts the company had considered moving for some of the secondhand ships put up for sale recently, but ultimately backed off.
The Oslo and New York-listed owner announced net earnings of $165m in the first quarter to 31 March, against $40.1m in the same period of 2019, as tanker markets boomed.
