Frontline and Euronav merge to create the world's largest tanker fleet

The combined company will be able to carry oil equivalent to 100 days of German energy demand. The total value of the tanker company is estimated at more than $4.2 billion.

Shares of Euronav were up 7.2 percent, while Frontline shares were down 7.6 percent as of 2:14 p.m. in Oslo, cutting gains to 24 percent since December.