Frontline shares jump despite quarterly loss

Frontline shares leapt almost 10% today despite the John Fredriksen-backed tanker owner returning to red for the first quarter.

Before the morning bell, the New York-listed company posted a $13.6m loss versus a $27.1m profit a year earlier.

Following the afternoon bell, Bermuda-based Frontline's stock registered a 9.5% jump to $5.74, perplexing analysts.

Evercore ISI analyst Jon Chappell said he was taken aback by Frontline's upward stock movement, given the company's return to red and lackluster bookings for the second quarter.