Global shipping stocks surged to record highs on Monday as Middle East tensions disrupted key routes and pushed oil tanker freight rates higher. Torm, Hafnia, and Teekay Tankers all hit all-time peaks, while the SonicShares Global Shipping ETF also reached a record. Attacks near the Strait of Hormuz have tightened vessel availability and added a freight premium to crude shipments, with Brent crude approaching $107 a barrel.
Shipping Stocks Hit Record Highs as Hormuz Tensions Lift Tanker Rates
Source: Mint