Tanker company stocks that already posted strong gains in recent months enjoyed an extra boost in Thursday’s trading, tracking the spike in crude oil prices spiked as the Trump administration imposed significant sanctions on Russia’s biggest oil companies.
Among the day’s best performers in the sector: International Seaways (NYSE:INSW) +6.2%, Hafnia (NYSE:HAFN) +5.8%, Teekay (TK) +5.5%, Ardmore Shipping (NYSE:ASC) +5.4%, Tsakos Energy Navigation (TEN) +4.2%, Teekay Tankers (TNK) +4.1%, Frontline (FRO) +3.2%, Scorpio Tankers (STNG) +3.2%, Dorian LPG (LPG) +3.2%, DHT Holdings (DHT) +3.2%, Nordic American Tankers (NAT) +1.4%.
The new sanctions marked a shift in Trump’s previously cautious approach in pressuring Russia on its war on Ukraine, and follow measures against Russian energy imposed by the U.K.