The outlook for listed tanker stocks has divided analysts as the Strait of Hormuz crisis continues to reshape expectations for crude tanker markets.
The situation in the Arabian Gulf remains highly uncertain, with investors watching closely for signs of how long market disruption could last.
BTIG analyst Greg Lewis has taken a bullish view, arguing that the closure and disruption around Hormuz could create one of the largest seaborne oil restocking cycles ever seen.
BTIG raised its price targets on DHT, Frontline and International Seaways. The firm said many VLCC spot fixtures are currently being concluded in the $100,000 to $200,000 per day range, which could make 2026 one of the strongest years ever for crude tanker rates.
Lewis said that once the Strait of Hormuz reopens, global oil inventories may need to be rebuilt by more than 500 million barrels, potentially creating months of strong tanker activity.
Evercore ISI analyst Jon Chappell offered a more cautious view. He warned that tanker stocks often follow a “buy the rumor, sell the news” pattern and that much of the upside may already be reflected in valuations.
Chappell noted that several shipping stocks have not risen significantly since the war began, despite record spot rates. He argued that investors may be reluctant to chase earnings that could prove temporary.
Evercore ISI downgraded DHT, Frontline and Nordic American Tankers, warning that when the conflict is eventually resolved, tanker rates, asset values and valuation multiples could reverse sharply.
The split in analyst opinion reflects the uncertainty surrounding both the duration of the conflict and the sustainability of elevated tanker earnings.
