It has been reported that the largest independent shipping group of oil tankers in the world, Frontline, has suffered a terrible slump in the fourth quarter with the profits plunging by about 66 per cent. They had also announced that although they had a very bad fourth quarter, the results in the first quarter is expected to improve steadily as there has been evidences of a demand when it comes to oil pickups.

It was also reported that the things seem to be positive when the tanker industry and the demand for it is considered as there has been a faster than expected global recovery and an equally expected surge in the oil consumption worldwide.

The net income was announced to be around $3.9 million and it had seen a terrible slump as the income in the previous year for the same time period was around $51.6 million. The rate of every share also dropped to around 5 cents from what used to be 66 cents. The post profit of the company is expected to be around $11.3 per cent.