Ships earned $81,513 a day shipping 2 million barrels of crude oil on the benchmark route from Saudi Arabia to Japan on Friday, according to Bloomberg. The rate is 13% higher than the Thursday rate, and the highest for the time of year since 2009.
The increased shipments come after Saudi Arabia told OPEC it produced an average of 10.3 million barrels of oil a day in April. Iraq shipments will grow by about 700,000 barrels to 3.75 million barrels in May, according to Bloomberg.
About 5.4 million shares of Frontline were traded during regular trading Friday, above the company's average trading volume of about 2.3 million shares a day.
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:
"We rate FRONTLINE LTD (FRO) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its poor profit margins and generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: