Frontline will be “tapping into” the charter market to take advantage of some scarcely believable rates.

The John Fredriksen tanker company’s chief executive Lars Barstad said the market has seen elevated numbers for LR2/aframax tankers.

He cited term deals at $46,500 per day, against an average cash break-even of $16,800.

“It’s something you can't pass [up]. When you can achieve unicorn numbers on certain asset classes for a sustained period of time, you just have to take it,” he told a conference call.

Asked whether there are any bargains out there in the secondhand sale and purchase market, the CEO said Frontline examines closely vessels of five years or younger.

But he argued that sales candidates in that class are “virtually zero”.

“A lot of the VLCCs delivered over the last few years are actually on time charters and even relet again to traders or oil majors,” Barstad said.

“So these guys are not really sales candidates. There is a vacuum in that kind of age group,” he added.

“We’d rather sit tight and churn out the best return we can from what we hold until we can make an investment decision,” the CEO told the call.

US-listed owner DHT Holdings managed to find a 2018-built VLCC to buy this week, announcing it is spending $94.5m on an unnamed ship constructed at the blue-chip South Korean yard Hyundai Heavy Industries (HHI).

Barstad explained that when looking at potential sales candidates, the company mainly focuses on efficiency, against a background of a tighter regulatory framework.

The other major factor is obviously the prices that are achievable.

Frontline has sold off three older ships this year as asset prices rise.

And more could be on the cards.

Barstad said: “We’re not publicly offering all our vessels, but for the less efficient vessels we will be prone to take advantage.”