FRO - Why Frontline's Shares Plunged 41.5% in 2020
Oil tanker company Frontline (NYSE: FRO) had a forgettable 2020 with shares falling 41.5%, according to data provided by S&P Global Market Intelligence , as oil markets fell apart. 2021 could be better, but there's still a lot of uncertainty facing the oil tanker industry.
If you remember way back to the beginning of the pandemic, oil prices actually went negative for a short period of time because oil demand collapsed quickly when COVID-19 shut the economy down. The drop in demand had the effect of reducing the need for oil tankers to transport oil.
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Why Frontline's Shares Plunged 41.5% in 2020