Frontline (FRO) rallies 63 cents to $5.85 and today’s options volume in the Bermudian oil tanker and bulk shipper is 3X the daily average. 9,075 calls and 150 puts traded in the name so far. The top trade is a 1000-contract block of Jan 6 calls bought-to-open at $1.05 on ISE. Oct 6 calls are the most actives. 4,274 traded (62 percent Ask) against 1,971 in open interest. Oct 7 and Nov 6 calls are seeing interest as well. Shares are up 5.9 percent since hitting a 52-week low of $4.99 intraday Friday, but the one-year chart is still in a bearish funk. FRO was approaching $30 per share in late-September last year. Today’s order flow seems to reflect expectations for a retracement of some of those losses in the weeks ahead. Short covering is likely to be a factor as well. Short shares as percent of float in FRO is more than 20 percent.