11 Best Oil Tanker Stocks To Buy Now
The COVID-19 pandemic has affected all sectors, even the essential ones such as the oil tanker industry. Responsible for the transportation of supply chain oil, these tankers’ journey does not stop; however, the decline in demand for oil has caused many of them to dock.
Even with these circumstances, it is suggested to buy stocks from oil tanker companies. As economic activity comes back to normal and COVID-19 restrictions have lifted, economic reopening has caused oil demand to rise.
Here are 11 Best Oil Tanker Stocks to Buy Now, and it will be divided whether or not the company was greatly affected by COVID-19.
Tanker Companies Affected by the COVID-19 Pandemic
For Frontline Ltd, there was low demand for oil in 202, and sea and port restriction has affected their movements too. Tsakos Energy Navigation, an energy and transportation industry, saw a negative growth due to the pandemic. However, high oil demand will be made in 2021, and it would be easy for these companies to return to normal operations.
International Seaways and SFL Corp Ltd, a tanker company for transportation of crude oil, petroleum, and ore vessels, saw a decrease in the shares by 4.93% and 34%, respectively.
Scorpio Tankers, Inc, transporters of refined petroleum products, had decreased in shares and had a net loss of $76.3 million.
Tanker Companies Not Affected by the COVID-19 Pandemic
Nordic American Tanker has numerous vessels tasked to transport crude oil. The company saw growth in 2020 and had an annual income of $50 million. Teekay Tankers Ltd specializing in crude oil, liquified natural gas, and liquefied petroleum, had positive growth in 2020, and the net income in Q1 was $110 million.
Stock trading, investments, and the annual revenue of Overseas Shipping Group and Euronac NV have been good in 2020 despite the pandemic.
Golar LNG Limited and DHT Holdings, the top 1 and 2 of our 11 Best Oil Tanker Stocks, has closed 2020 as a good business year. DHT Holdings had a net income of $266.3 million, the company’s highest earners, while Golar LNG Limited had revenue of $118 million in revenue during Q4 of 2020.
To read more on the 11 Best Oil Tanker Stocks, read it on Insider Monkey’s published article 11 Best Oil Tanker Stocks To Buy Now.
