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Surprise OPEC+ Supply Boost Offers Rare Cheer for Oil Tankers

    

Photographer: Tim Rue/Bloomberg

Oil tanker owners got a boost as OPEC and its allies unexpectedly announced a plan to hike output in January. 

Shares of listed companies rallied after the news, with Frontline Ltd reversing an earlier loss to trade up as much as 2.3%. Listed peers in the U.S., including International Seaways Inc. and DHT Holdings Inc. also rallied as much as 4% and 3.9% respectively. Tanker rates have been stubbornly low all year as an oversupply of ships and restrained crude output suppressed earnings.