Increased scrapping of older oil tankers and the potential for higher output of OPEC crude are likely to boost vessel demand and thus rates, Oslo-listed shipper Frontline said on Thursday.The company reported a first-quarter operating profit of $2.8 million, while analysts in a Reuters poll on average had expected a loss of $13.3 million.Tanker rates are still low, however, and 78 percent of Frontline's very large crude carriers (VLCCs) are covered at a daily $11,600 for the second quarter compared with $14,900 in the first quarter and a cash break-even level of $22,700 for 2018."There are encouraging signs that seaborne crude volumes may soon increase as a result of changes by OPEC and a slowing trend of inventory draws…