Tanker operator Frontline has renewed its bid for competitor DHT Holdings at terms that are unchanged from its original offer. That was rejected in February, since when DHT signed a deal to buy 11 tankers from BW Group. The deal logic remains the same though. DHT’s fleet has an average age of 8 years (7 including the full BW deal) while Frontline’s is 11 years old. DHT also has a higher proportion of larger tankers in its fleet. Investors do not appear to believe the deal will succeed – DHT’s stock is trading 11% below the level implied by Frontline’s offer.