Heavy trading in Ship Finance (SFL), which is trading lower in sympathy with Frontline today. FRO fell more than 40 percent after posting a net loss for the third quarter and warning that it was burning though its cash. SFL, which is due to relese earnings tomorrow morning, is down $2.77 to $11.04 and falling to new 52-week lows. 6,800 puts and 1,420 calls traded on the stock. Typical volume is about 220 contracts. May 10, May 7.5, Dec 10, Jan 10, and Feb 10 puts are the most actives and implied vols in the options on the stock surged 120 percent and are now elevated at 109.