Marine Shipping covers tankers, dry-bulk, container, LNG and offshore vessels, and inland barges. MoatScope covers 63 companies here. None has a wide moat; four have a narrow moat and 59 none.
How the industry makes money
Shipowners earn charter rates that swing with the balance between cargo demand and the number of ships afloat. New ships take years to deliver, so rates can soar and then collapse as the orderbook arrives.
Where the moats are
Most ships are interchangeable, so moats are rare. The four narrow-moat companies are Kirby, the largest inland barge operator, Matson, Golar LNG and KNOT Offshore Partners, each with protected niches or long contracts.
Tanker and offshore owners such as Frontline, International Seaways and Tidewater carry no moat.
What wears moats down
Oversupply of ships, trade disruptions, fuel and emissions rules and economic cycles all move charter rates.
What to watch
- Charter rates in each segment.
- Newbuilding orderbooks.
- Trade routes and disruptions.
Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.