5 Best Shipping Stocks That Pay Dividends

In this article, we discuss 5 best shipping stocks that pay dividends. If you want to read our detailed analysis of the shipping and transportation industry, go directly to read 11 Best Shipping Stocks That Pay Dividends. 

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

Number of Hedge Fund Holders: 14

Global Ship Lease, Inc. (NYSE:GSL) is a company that owns and charters container ships. Their primary business involves leasing out these ships to shipping companies globally. The company currently pays a quarterly dividend of $0.375 per share and has a dividend yield of 7.43%, as of December 22. It has been making regular dividend payments since the inception of its dividend policy in 2021.

At the end of the third quarter of 2023, 14 hedge funds in Insider Monkey’s database owned investments in Global Ship Lease, Inc. (NYSE:GSL), growing from 12 in the previous quarter. The total value of these stakes is roughly $100 million.

4. Nordic American Tankers Limited (NYSE:NAT)

Number of Hedge Fund Holders: 15

An international tanker company, Nordic American Tankers Limited (NYSE:NAT) is next on our list of the best shipping stocks that pay dividends. The company has been paying regular dividends to shareholders for the past 28 years and it pays a quarterly dividend of $0.06 per share. As of December 22, the stock has a dividend yield of 10.88%.

At the end of Q3 2023, 15 hedge funds tracked by Insider Monkey reported having stakes in Nordic American Tankers Limited (NYSE:NAT), compared with 16 in the previous quarter. The consolidated value of these stakes is over $50.5 million.

3. Teekay Tankers Ltd. (NYSE:TNK)

Number of Hedge Fund Holders: 20

Teekay Tankers Ltd. (NYSE:TNK) operates in the marine energy transportation sector, specifically focusing on oil and refined petroleum products. On November 2, the company announced a quarterly dividend of $0.25 per share, which was in line with its previous dividend. The stock’s dividend yield on December 22 came in at 1.83%.

As per Insider Monkey’s database of Q3 2023, 20 hedge funds owned stakes in Teekay Tankers Ltd. (NYSE:TNK), which remained unchanged from the previous quarter. The overall value of these stakes is more than $97.3 million. Among these hedge funds, Millennium Management was the company’s leading stakeholder in Q3.

2. Matson, Inc. (NYSE:MATX)

Number of Hedge Fund Holders: 22

Matson, Inc. (NYSE:MATX) is an American shipping and navigation services company. It operates a fleet of container ships, which transport goods such as food and beverages, retail merchandise, construction materials, and vehicles. The company offers a quarterly dividend of $0.32 per share, having raised it by 3% in June this year. Through this increase, the company stretched its dividend growth streak to 11 years, which makes MATX one of the best shipping stocks on our list. The stock has a dividend yield of 1.14%, as of December 22.

The number of hedge funds in Insider Monkey’s database owning stakes in Matson, Inc. (NYSE:MATX) grew to 22 in Q3 2023, from 17 in the previous quarter. The consolidated value of these stakes is over $46.6 million.

1. Scorpio Tankers Inc. (NYSE:STNG)

Number of Hedge Fund Holders: 34

Scorpio Tankers Inc. (NYSE:STNG) tops our list of the best shipping stocks that pay dividends. The company is primarily engaged in the transportation of refined petroleum products through its fleet of tankers. On November 9, it declared a 40% hike in its quarterly dividend to $0.35 per share. It has been paying dividends consistently since 2013. The stock has a dividend yield of 2.18%, as of December 22.

As of the end of Q3 2023, 34 hedge funds in Insider Monkey’s database reported having stakes in Scorpio Tankers Inc. (NYSE:STNG), up from 31 in the previous quarter. The collective value of these stakes is more than $238.2 million.

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