Frontline up 6% Pre-Market on Strong Q1 Earnings

Frontline

is trading higher pre-market following its Q1 earnings announcement. The company reported an EPS of $0.09 vs $(0.10) estimates and revenues of $167.3 million vs $100 million estimates. The company's said it sees "a challenging supply / demand situation for the tanker market where the combined VLCC and Suezmax fleet between 2004 and 2012 increased by 98 percent without being backed by a similar increase in demand. Frontline will continue to remain cautious and focus its resources on the present activities until a clearer sign of recovery can be seen in the tanker market." Frontline is currently trading at $5.28, up $0.30 or 6.02%.