The correlation is that 61% of FRO's VLCC's are on the spot market earning high rates - means greater revenue means more ability to pay higher divend in Q2 ( which will happen ) which means higher stock price. see below article:
TEN leans towards spot market 12th June 2008 03:37 GMT The jump in freight rates over the past year has prompted Tsakos Energy Navigation Limited (TEN) to more than double the number of tankers it is offering in the spot market. “Tsakos will lease about 10 of its 50 tankers on so-called spot charters, up from four now,” Nikolas Tsakos, president of Greece's largest listed tanker company, told Bloomberg.
Average spot rates for larger tankers from panamaxes to VLCCs more than tripled in the last weeks of 2007, Tankerworld data shows. All of TEN's VLCCs were operating on long-term leases at the time.
Tankers on a single voyage, or voyage charter, are mostly leased on higher daily rates than tankers on time charter/long-term leases. Data from London-based Baltic Exchange shows that VLCCs cost some $107,000 a day on the spot market, more than double the $54,000 TEN charged for its biggest carriers last year.
Analysts say time charters did not benefit TEN investors as shares of the Athens-based company fell 1% in New York trading this year, trailing the 32% share price advance of Frontline Ltd., which focuses on the spot market.
Frontline, the world's largest tanker owner, has about 61% of its fleet available on the spot market, according to its first-quarter report for this year.