NEW YORK (TheStreet) -- Shares of Frontline (FRO) are soaring, up 19.11% to $2.68 on heavy trading volume late morning Monday, extending gains from Friday's session following reports that a record number of oil supertankers are sailing to China as the country stockpiles crude oil, Bloomberg reported.
Shares of the Bermuda-based shipping company, which is engaged primarily in the ownership and operation of oil tankers, surged more than 38% on Friday as China takes advantage of low oil prices.
According to shipping signals from IHS Maritime, 83 large crude carriers were heading to Chinese ports, transporting an estimated 166 million barrels of crude oil, Bloomberg noted.
Oil prices are continuing to fall as WTI crude oil for January delivery are down 1.56% to $56.91 per barrel as of 10:55 a.m. today. Brent crude is also down 0.24% to $61.70 per barrel.
U.S. crude hit five-and-a-half year lows earlier this morning with signs that oil prices may have just about bottomed, said former CEO of Gulf Oil Joe Petrowski, CNBC reports.
WTI crude dropped to $56.25 a barrel in early trading, its lowest price since May 2009.
About 3.54 million shares of Frontline have traded hands as of 11:08 a.m. today, higher compared to its normal trading volume of about 1.14 million shares a day.
Separately, TheStreet Ratings team rates FRONTLINE LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: