UPDATE: Dahlman Rose Upgrades Frontline Limited to Hold

Dahlman Rose has published a research report on Frontline Limited

and has upgraded the company from Sell to Hold following the completion of a successful restructuring. In the report, Dahlman Rose writes, "Frontline's restructuring affords it significant resilience, in spite of generally weak spot market dynamics. The company has shifted ~$666MM of bank debt and ~$326MM in newbuilding commitments to Frontline 2012 and negotiated base rate reductions on its chartered-in tonnage by $6,500/day from 2012-2015. Accordingly, Frontline's cash flow breakeven point has been significantly reduced, enabling it to weather persisting weakness in the tanker market, should it continue for the next few years." Frontline is currently trading down $0.05 from yesterday's $4.51 closing price.