- Ship Finance International (NYSE:SFL) surged 6.6% in today's trade after amending its long-term charter agreement with Frontline (FRO), whose shares plunged 15.7%.
- FRO says the renegotiated relationship strengths its balance sheet, but the market reacted as if it was a one-sided deal in favor of SFL, which boosted its share of profits generated by the partnership, reduced its long-term base rates, and received 55M FRO shares to gain a 27.7% stake in the company.
- Otherwise, FRO reported Q1 earnings that easily beat expectations.