Greek shipping shares soar in US market due to strong freight rates

The global tanker market is going through a period of intense momentum, with freight rates moving at levels that dramatically boost companies’ cash flows and translate into increased valuations. In this context, seven listed companies – Greek and international interests – stand out for their size, asset quality and stock market performance, while analysts are “betting” on the market (buy) for their shares.

Many analysts characterize the current period as the strongest of the last decade in terms of freight rates. Very large tankers (VLCCs) have been moving towards the highest levels since 2020, with geopolitical developments in the Middle East acting as a key catalyst.

According to Baltic Exchange data, the cost of chartering a VLCC in the spot market has almost tripled since the beginning of the year, exceeding 165,000 per day, while Aframax rates have also increased significantly, with some routes – such as the North Sea-to-Continent – reaching 93,000 per day. In addition, the time charter equivalent (TCE) for VLCCs has exceeded 100,000/day, surpassing the record levels of the 2004-2008 period.

Explosive rise

Tsakos Energy Navigation, owned by Dr. Nikos Tsakos, with a diversified fleet of over 80 vessels (crude, product, LNG and shuttle tankers) and three VLCCs, has clearly strengthened its stock market image. Its share price is trading at 31.15 dollars, up 14.6% on a weekly basis, 23% on a monthly basis and almost 82% compared to a year ago. The current price is about 40% higher than the 200-day average, indicating a strong upward trend. The capitalization amounts to 938 million dollars, compared to about 516 million a year ago, reflecting the significant increase in the market value of its assets and the improvement of its balance sheet.

The course of Okeanis Eco Tankers, owned by the Alafouzos family, is also impressive as it has invested in a fleet of 16 modern VLCCs and Suezmax eco-design. Its share is trading at 49.20 dollars, up 18% in a week and 24% in a month, while on an annual basis it has recorded an impressive increase of more than 100%. The current price exceeds the average of the year by 62%, reflecting the momentum that the market attributes to energy-efficient ships. The capitalization has reached 1.88 billion, almost double compared to about 940 million a year ago.

Navios Maritime Partners, owned by Angeliki Frangou, has a diversified fleet of over 171 ships (67 bulk carriers, 51 containerships and 53 tankers, of which nine are VLCCs) and maintains a market capitalization of around 2 billion dollars (up 45% year-on-year). Its share price at 68.26 dollars is up 13% on a weekly basis and 22% on a monthly basis, while the year-to-date increase is over 50%. The price is moving almost 44% above the 200-day average, indicating a positive long-term trend and increased investor confidence.

In the smaller capitalization category, Performance Shipping – with a fleet of 12 tankers (nine Aframax and three Suezmax) – is showing gradual strengthening. The listed company, owned by Aliki Paliou, is trading at 2.23 dollars, up 7% on a weekly basis and 9% on a monthly basis, while on an annual basis it is up about 33%. The market capitalization is 27.7 million dollars, up from about 20.9 million a year ago. The price remains 15% higher than the average for the year, reflecting a moderate but steady upward trend.