Why These Energy Stocks are Gaining This Week

6. Frontline plc (NYSE:FRO)

Share Price Gains Between Jan. 22 – Jan. 29: 11.85%

Frontline plc (NYSE: FRO) is a shipping company that owns and operates oil and product tankers worldwide.

Frontline plc (NYSE:FRO) received a lift on January 26 when the company announced that it had entered into 1-year time charter-out agreements for seven of its VLCCs. The charters will begin from late January to April 2026, at a rate of $76,900 per day per vessel. According to certain reports, the counterparty in the deal is believed to be South Korea’s Sinokor Maritime.

Lars H. Barstad, CEO of Frontline Management AS, stated:

We are in unprecedented times, and these are charter-out-levels not seen for decades. Frontline remains largely spot exposed after these contracts become effective, retaining upside in one of the most volatile markets in the world.

Kristoffer Barth Skeie, analyst at Arctic Securities, stated:

The rate is impressive and marks a new level in the time-charter market, coming in 7% above recent broker quotes. Consequently, Frontline has derisked a large part of its VLCC exposure at stellar levels, with time-charter coverage on the VLCC fleet climbing to 8% in first quarter of 2026, 24% in the second and third quarters, 23% in the fourth quarter and 15% in the first quarter of 2027, from only having one vessel on long-term charter prior to this.

Following the recent gains, Frontline plc (NYSE:FRO) has surged by more than 63% over the last year.