Sector Glance: Oil tanker stocks up as rates leap

Shares of companies that own and operate crude oil tankers leaped Monday, as vessel prices continued their bullish climb.

Dahlman Rose analyst Omar Notka said rates for Very Large Crude Carriers (VLCC) to the U.S. finished higher last week than those making eastbound voyages, which were at their highest levels in nearly six months.

The rates for VLCCs and Suezmax vessels in West Africa are also both at year-to-date highs, he said, as demand for ships to the U.S. ramps up. Suezmaxes are the largest carriers that can fit through the Suez Canal.

Here's how some key companies closed Monday:

Frontline Ltd., up $3.37, or 5.4 percent, to $65.96

Knightsbridge Tankers, up 68 cents, or 2.1 percent, to $33.43

General Maritime Corp., up 68 cents, or 2.3 percent, to $30.02

Teekay Corp., up 12 cents to $51.24