Shares in John Fredriksen’s Frontline were up over 14% to $2.88 per share, while Teekay Tankers’ stock rose by nearly 11% to $4.25.
Most other major US-listed crude tanker stocks saw an improvement in their respective share prices, but to a lesser degree.
Suezmax spot rates spiked 115% week-on-week to $23,000 p/d last week, according to US investment bank Morgan Stanley.
Analysts Fortis Giannakoulis and Ole Slorer said the spike was the result of charterers scrambling to secure tonnage in the Atlantic at the end of the week after tonnage was cleared out by healthy fixture activity.
“Strong
