Jun. 26 at 8:08 PM
Shares of oil and gas shipping companies dropped sharply Friday as vessel traffic through the Strait of Hormuz recovered, easing concerns over supply disruptions that had recently pushed tanker freight rates higher. The improvement in shipping flows reduced expectations for elevated earnings across the sector, prompting broad selling in tanker and dry bulk stocks.
Frontline fell 8%, Ardmore Shipping lost 9%, Dorian LPG and Scorpio Tankers each declined about 5%, SFL Corporation dropped 4%, and Nordic American Tankers slipped 2.7%. Dry bulk carriers also came under pressure, with Star Bulk down 7.4% and Genco Shipping plunging 32%, extending a week of steep losses across the shipping industry.
In Copenhagen, Maersk also traded lower on Friday, although the container shipping giant still ended the week with overall gains, reflecting continued optimism outside the tanker segment.
$FRO $ASC $LPG $STNG $SFL