Via Hellenic Shipping News, April 19:
Commodity shipping stocks are trouncing Dow transport average
The Dow Jones Transportation Average has slumped 11% since late March on fears of waning domestic demand. Container shipping stocks have been dragged down along with domestic transports.
Not so with commodity shipping stocks, which have very different drivers. Tanker, gas carrier and dry bulk shipping equities are heading up.
Shipping stock charts were awash in double-digit green numbers on Thursday, a day when the main indexes were in the red.
Tsakos Energy Navigation (NYSE: TNP) and Teekay Tankers (NYSE: TNK) hit fresh 52-week highs on Thursday, as did dry bulk carrier owners Genco Shipping & Trading (NYSE: GNK) and Golden Ocean (NASDAQ: GOGL), and liquefied natural gas (LNG) carrier owner Flex LNG (NYSE: FLNG).
Numerous other commodity shipping stocks — but not container stocks — are on the cusp of new one-year highs.
Tanker stocks
The Dow Jones Transportation Average (DJTA) is down 9.9% year to date (YTD).
In contrast, shares of product tanker owner Scorpio Tankers (NYSE: STNG) are up 77% YTD. Shares of Tsakos Energy Navigation are up 68%. Nordic American Tankers (NYSE: NAT) is up 60%, Teekay Tankers 57%, Euronav (NYSE: EURN) 42% and International Seaways (NYSE: INSW) 41%.Tanker spot rates have finally picked up in recent weeks. Clarksons Platou Securities put rates for modern-built Suezmax (1-million-barrel capacity) crude tankers at $45,300 per day, up 163% month on month. Modern-built product tankers in the MR class (25,000-54,999 deadweight tons) were the top performers, earning $52,400 per day.....
....MUCH MORE
