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Shares of tanker company Frontline (FRO) - Get Frontline Ltd. Report  closed higher by 7.02% to $5.79 on Wednesday, following a Wall Street Journal report that the company owned by Norwegian billionaire John Fredriksen is discussing an acquisition or merger with U.S.-based Gener8 Maritime (GNRT) .

A deal would create the largest tanker fleet in the world, with 43 large crude carriers in operation. The talks are progressing, but a source told the Journal that there is no promise of a deal going through. The value of a possible deal is not yet known.

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This story was updated from its original publish time of 9:05 a.m.

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