NEW YORK (TheStreet) -- Shares of Frontline (FRO) - Get Report are jumping by 8.35% to $8.69 on heavy trading volume early Tuesday afternoon, after the oil tanker owner and operator reported better-than-expected results for the 2016 first quarter.

Before today's market open, the Hamilton, Bermuda-based company posted earnings of 50 cents per share, topping analysts' projections of 36 cents per share.

Total operating revenue for the quarter was $227.1 million, above Wall Street's estimates of $187.2 million.

Frontline said tanker rates have firmed based on a fundamental change in demand for tankers.

Additionally, its fleet growth is moderated by an aging fleet. New orders have slowed down significantly with limited availability of financing, Frontline said.

About 1.5 million of the company's shares were traded so far today vs. its average volume of 1.01 million shares per day.

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