5 Best Shipping Stocks That Pay Dividends

In this article, we will take a look at the 5 best shipping stocks that pay dividends. To skip our analysis of the recent market trends and activity, you can go directly to see the 10 Best Shipping Stocks That Pay Dividends.

5. Star Bulk Carriers Corp. (NASDAQ:SBLK)

Number Of Hedge Fund Holders: 16

Dividend Yield as of December 14: 31.60%

Star Bulk Carriers Corp. (NASDAQ:SBLK) is a shipping company that owns and operates a fleet of dry bulk career vessels. A Greece-based global shipping company, its vessels transport major bulks, which include iron ore, coal, and grain, and minor bulks, which include bauxite, fertilizers, and steel products.

On October 27, Deutsche Bank analyst Amit Mehrotra lowered the price target on Star Bulk Carriers Corp. (NASDAQ:SBLK) to $33 from $40 and maintained a Buy rating on the shares ahead of the company’s Q3 results.

At the end of Q3 2022, 16 hedge funds in Insider Monkey’s database owned stakes in Star Bulk Carriers Corp. (NASDAQ:SBLK), compared with 18 in the previous quarter. The collective value of these stakes is over $516.4 million. With over 26 million shares, Oaktree Capital Management was the company’s leading stakeholder.

4. Golden Ocean Group Limited (NASDAQ:GOGL)

Number Of Hedge Fund Holders: 18

Dividend Yield as of December 14: 25.88%

Owning one of the largest dry bulk fleets in the world, Golden Ocean Group Limited (NASDAQ:GOGL) is a Bermuda-registered, Norway-based dry bulk shipping company that was created as a demerged part of Frontline in 2004 and is listed on Nasdaq and the Oslo Stock Exchange.

On October 4, Golden Ocean Group Limited (NASDAQ:GOGL) announced a share repurchase program of up to $100 million of the company’s common stock for a period of up to 12 months. As of September 26, Jefferies analyst Omar Nokta has a Hold rating and a $10 price target on Golden Ocean Group Limited (NASDAQ:GOGL).

Golden Ocean Group Limited (NASDAQ:GOGL) declared a quarterly cash dividend of $0.35 per share for Q3 2022. Its shares have a dividend yield of 25.88% as of December 14.

At the close of Q3 2022, 18 hedge funds were long Golden Ocean Group Limited (NASDAQ:GOGL) and held stakes worth $47 million in the company. Of those, Renaissance Technologies was the most prominent shareholder and held stakes worth $30.8 million in the company.

3. SFL Corporation Ltd. (NYSE:SFL)

Number Of Hedge Fund Holders: 18

Dividend Yield as of December 14: 9.90%

SFL Corporation Ltd. (NYSE:SFL) is a leading maritime company that is involved in the ownership and operation of vessels for the transportation of crude oil and natural gas.

On August 24, DNB Markets analyst Joergen Lian upgraded SFL Corporation Ltd. (NYSE:SFL) to Buy from Hold with a $13.50 price target. According to Liam, Q2 was another strong quarter with the fourth consecutive dividend increase. The analyst sees “considerable long-term support” for the dividend without considering any potential benefit from the strengthening offshore markets

SFL Corporation Ltd. (NYSE:SFL) has regularly paid dividends since its initial listing on the NYSE in 2004. Earlier this November, the company declared its latest quarterly dividend of $0.23 per share. As of December 14, the shipping stock had a dividend yield of 9.90%.

At the end of Q3 2022, 18 hedge funds disclosed ownership of stakes in SFL Corporation Ltd. (NYSE:SFL). These funds held collective stakes of $64.15 million in the company. This is compared to 13 positions in the previous quarter with stakes worth $75.16 million.

2. Global Ship Lease, Inc. (NYSE:GSL)

Number Of Hedge Fund Holders: 19

Dividend Yield as of December 14: 8.68%

Global Ship Lease, Inc. (NYSE:GSL), founded in 2007 and based in London, is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Global Ship Lease, Inc. (NYSE:GSL)’s dividend yield on December 14  stood at 8.68%,

On November 9, Global Ship Lease, Inc. (NYSE:GSL) declared a quarterly dividend of $0.375 per share. The dividend was paid on December 12, to shareholders of record on November 22.

On August 30, Global Ship Lease, Inc. (NYSE:GSL) announced that it has entered into new multi-year charters with Hapag-Lloyd for six ECO 6,900 TEU ships. These charters are expected to generate average Adjusted EBITDA of approximately $13.1 million per ship, per year; and total Adjusted EBITDA of around $393 million for the six ships over the firm charter period.

According to Insider Monkey’s Q3 data, 19 hedge funds were long Global Ship Lease, Inc. (NYSE:GSL), with collective stakes worth about $115.6 million, compared to 20 funds in the last quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP is the leading shareholder of the company, with 1.57 shares worth over $24.78 million.

1. Scorpio Tankers Inc. (NYSE:STNG)

Number Of Hedge Fund Holders: 30

Dividend Yield as of December 14: 0.70%

Scorpio Tankers Inc. (NYSE:STNG) is a tanker shipping company that operates as an international provider in the transportation of refined petroleum products. The company owns and operates fuel tanker vessels with a portfolio of 131 tankers under its ownership.

Earlier on October 31, Scorpio Tankers Inc. (NYSE:STNG) declared a quarterly dividend of $0.10, which will be payable on December 15, to shareholders of record on November 17.

On December 9, BTIG analyst Gregory Lewis raised the price target on Scorpio Tankers Inc. (NYSE:STNG) to $70 from $60 and kept a Buy rating on the shares. The analyst states that his investor meetings with the company management were constructive with product tanker utilization over 90% and a limited order book, which points to a multi-year rate upcycle.

According to Insider Monkey’s data, 30 hedge funds were bullish on Scorpio Tankers Inc. (NYSE:STNG) at the end of September 2022, compared to 26 funds in the last quarter. John Overdeck and David Siegel’s Two Sigma Advisors is a prominent stakeholder of the company, with 961,021 shares worth $40.4 million.

You can also take a look at 11 Undervalued Canadian Stocks To Buy and 10 Best December Dividend Stocks To Buy.