Could shipping shares offer a safe haven as broader stock market fears mount?

The broader stock market is experiencing renewed volatility, driven by concerns over stretched valuations in the technology sector and ongoing weakness in the US economy attributed to tariffs and other headwinds. In contrast, certain segments of the shipping sector, such as crude tanker and containership lessor stocks, have significantly outperformed the market.

Shipping stocks decouple from the market

Shipping equities have pulled ahead of broader indices in 2025, notably in vessel segments like crude tankers and containership lessors. According to recent analysis, from December 31, 2024, to November 17, 2025, crude tanker stocks rose by 69% year-to-date (YTD), while containership lessors were up by 39% and dry bulk stocks by 31%. By comparison, the SPDR S&P 500 ETF Trust SPDR S&P 500 ETF Trust — a proxy for the wider US equity market — gained 15% YTD in the same period.

Shipping stocks appear to be functioning properly, following rate trends, with crude tanker equities performing best and liner stocks performing the worst.

Drivers behind shipping performance

The robust performance of crude tanker stocks is driven by exceptionally high spot rates, with very large crude carrier (VLCC) earnings from the Middle East Gulf to China nearing $125,000 per day. There is little expectation of a substantial correction before the end of the fourth quarter. Notably, owners like Okeanis Eco Tankers and Frontline saw their shares climb 89% and 82% YTD, respectively.

Containership lessors also gained, partly due to upward surprises in charter rates. Companies such as Euroseas and Global Ship Lease rose 118% and 69% YTD, respectively. Meanwhile, dry bulk companies have also seen notable increases, supported by the startup of new iron ore exports from Guinea.

Shipping ETFs outperform shipowner stocks

• Breakwave Dry Bulk Shipping ETF Breakwave Dry Bulk Shipping ETF (BDRY) is up 44% YTD.
• Breakwave Tanker Shipping ETF Breakwave Tanker Shipping ETF (BWET) surged 120% YTD.

Mixed results across segments

Liner (container) shipping stocks largely underperformed, as high orderbooks, weak US demand, and tariff concerns dragged on the sector. The aggregate market capitalization of major liners including Zim ZIM Integrated Shipping Services Ltd., Matson Matson, Inc., Hapag-Lloyd Hapag-Lloyd AG, and Maersk A.P. Møller - Mærsk A/S fell by $1.1 billion since September 30. Among these, only Maersk remained above the SPDR ETF with a 16% YTD gain, buoyed by non-liner divisions and share buybacks.

Crude tankers are in the lead and container lines are in the rear. Liner fundamentals are poor.

Analysis methodology

Lloyd’s List evaluated US- and European-listed shipping firms with market caps above $300 million, factoring in market-cap-weighted YTD performance and comparing segment returns to the SPDR S&P 500 ETF Trust and Breakwave ETFs. Out of 37 listed shipowners, overall capitalization rose from $105.1 billion to $107.2 billion within the most recent reporting period, reflecting shipping’s relative strength.

Summary

As mainstream equities face heightened uncertainty, strongly performing shipping stocks, especially in the crude tanker and containership lessor segments, are offering investors potential shelter, with several outpacing broader market benchmarks in 2025.

Author Summary

Amid rising stock market fears, select shipping shares — especially crude tanker and containership lessors — have provided notable outperformance and diversification for investors in 2025.