Tanker stocks bounce back amid war, reapproaching multiyear highs
- Shares of Frontline are up 21% vs mid-March and are only 5% below high at beginning of war, which was highest price since 2012
- Teekay’s stock is just 1% below early March high, which was highest price since 2011; International Seaways posts highest adjusted close in its history
- Global scramble for crude and products cargoes continues, while longer voyage distances have kept the balance tight
The bearish view that the Strait of Hormuz closure will ultimately be bad for tanker demand is not swaying stock traders. Tanker equities are headed upward as strong spot rates persist
