U.S.-Listed Tanker Stocks Index

## What this measures

An equal-weighted price index of seven tanker owners listed in New York: Frontline, DHT, International Seaways, Scorpio Tankers, Teekay Tankers, Nordic American Tankers and Okeanis Eco Tankers. Each day the index moves by the average daily price change of the members, chained, 100 on January 4, 2021.

## Why it matters

Tanker owners earn the spot freight rate for moving oil, so their shares track the tanker market: oil export volumes, voyage distances and disruptions at chokepoints. With no licence for the Baltic Exchange's freight indices, the stocks are the open read.

## How to read it

A rise means investors expect higher tanker earnings: tighter shipping, longer routes or more oil on the water. Compare it with the S&P 500 (equities.tankers_vs_sp500).

## What it does not say

Share prices are not freight rates: they also move with interest rates, the dollar, the stock market and each company's balance sheet and dividends. Equal weighting gives the small companies as much say as the large ones. Most members file annual reports on Form 20-F, so Palanor has no share count to weight them by. Price only; dividends, which are large for these companies, are not reinvested.

## Source

Daily closes through a licensed market data provider. Calculated by Palanor.