Shipping stocks received a lift as US President Donald Trump’s plans to squeeze Iran raised the specter of tighter tanker supply, further boosting a market that’s been squeezed by sanctions against Russia.
Among gainers, US-listed Teekay Tankers Ltd. surged more than 6% on Tuesday before ending 4.9% higher, while Scorpio Tankers Inc. was up about 4%. Frontline Plc, which is listed in the US and Europe, also rallied, and in Asia, Tokyo-listed Mistui OSK Lines Ltd. rose on Wednesday.