Freight rate exposure through BWET, alongside the crude and product tanker operators — VLCC to MR — carrying the world's oil and refined fuel.
Near-dated crude tanker freight futures — 90% VLCC, 10% Suezmax. Unlevered, direct exposure to the crude freight cycle.
Tracks near-dated VLCC (TD3C) and Suezmax (TD20) crude freight futures rather than equities — direct exposure to spot and forward tanker rates, with none of the balance-sheet or fleet-age risk that sits inside the operators below.
Six tanker owner-operators spanning crude (VLCC, Suezmax) and product (LR2, LR1, MR) segments.
| Company | Last Snapshot | Div. Yield | Mkt Cap |
|---|---|---|---|
|
TRMD
TORM plc LR2 / LR1 / MR Product · Denmark |
~$29.80 | ~8% | ~$3.0B |
|
FRO
Frontline VLCC / Suezmax Crude · Bermuda |
~$38.45 | ~16% | ~$8.8B |
|
STNG
Scorpio Tankers LR2 / MR Product · Monaco |
~$76.44 | ~2.3% | ~$3.9B |
|
HAFN
Hafnia LR / MR Product · Singapore |
Reference only | ~16% | ~$3.0B |
|
INSW
International Seaways Crude + Product Mixed · U.S. |
~$90.40 | Variable | ~$4.6B |
|
NAT
Nordic American Tankers Suezmax Crude (pure-play) · Bermuda |
~$6.63 | ~14% | ~$1.4B |
Two gauges worth watching alongside spot rates and BWET.
Strait of Hormuz and Red Sea disruption risk has repeatedly driven multi-hundred-percent spikes in crude freight over the past two years, followed by sharp mean-reversion once the immediate threat fades. See our TORM issue (RMO–015A) for the mechanics of the most recent round trip.
Refinery closures in mature markets alongside new capacity coming online in the Middle East and Asia continue to lengthen average product-tanker haul distances — a slower, more durable tailwind than any single disruption event.