Oil Tanker Firms TNK and DHT Surge 74% and 86% YTD as Fleets Avoid Hormuz Amid "Permanent Uncertainty" Over Strait's Oil Flow
Teekay Tankers (TNK) and DHT Holdings (DHT) have seen their shares climb 74% and 86% year-to-date respectively, with both companies' fleets deliberately avoiding the Strait of Hormuz. This comes as Suezmax tanker rates hit a record $109,200 per day. The White House claims 17 million barrels of oil flow through Hormuz daily, while independent trackers like Kpler and TankerTrackers.com report only 4.9 million barrels, a significant discrepancy that remains unverified. CEOs of both TNK and DHT admit they have no idea when normal operations in the Strait will resume, citing renewed hostilities in July that led to the collapse of a US-Iran framework agreement and a sharp slowdown in movement through the vital waterway.
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