FRO - Why Shipping Stocks Are Sailing Higher Today
Euronav (NYSE: EURN). DHT Holdings (NYSE: DHT). Frontline Ltd (NYSE: FRO). Scorpio Tankers (NYSE: STNG). Nordic American Tankers (NYSE: NAT).
These are just a few of the oil tanker shipper stocks that are rebounding this morning alongside a just-as-widespread rebound in the fortunes of oil producer stocks today, after Monday's market sell-off. As of 2:30 p.m. EDT, shares of Antwerp, Belgium-based Euronav are up 11.5%, and Monaco-based Scorpio Tankers has gained 23%. Bermuda-based DHT, Frontline, and Nordic American are up 16%, 25%, and 25%, respectively.
But if you ask me, this is kind of the opposite of the reaction one would expect.