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We look for companies that pay dividends above 10-year Treasury rates (up from 4.1%) That has also seen strong dividend gains in 2026. Tanker drivers North American tankers (NAT) and Frontline PLC ( FRO ) are both up more than 58% so far this year while offshore drillers Noble Corporation (NE) to grow by 56% by 2026.
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Tanker supplies have tightened after Venezuela’s oil bust while older ships outstrip new deliveries, driving rates higher for Nordic American tankers and Frontline as Nobel secures offshore drilling contracts.
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We screened dividend stocks with yields above 4%, trading on US exchanges, with a market cap of at least $500 million, ranked by price performance 2026. Near the top: Three names from energy shipping and offshore drilling, each up more than 50% since Jan. 1 and each paying dividends that most income investors would buy double.
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storage
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YTD Performance (2026)
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Current price (March 6, 2026)
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Dividend yield
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Nordic American Tankers (NAT)
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+63.37%
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$5.62
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8.42%
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Frontline PLC (FRO)
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+58.39%
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$34.56
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5.04%
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Noble Corporation (NE)
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+56.43%
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$43.70
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4.42%
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Nordic American Tankers (NYSE: NAT) is up 63.37% year-to-date. The Suezmax tanker operator has been raising its dividend steadily, with a most recent payout of $0.17 per share compared with just $0.06 a year ago.
The basics are compelling. Q4 2025 average time charter equivalent rates of $35,000 per day per vessel, up 25% sequentially. For Q1 2026, Nordic has booked nearly two-thirds of its spot days at approximately $55,000 per day and is locked into a one-year firm contract with the oil major at $50,000 per day, adding to the meaningful earnings outlook.
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Supply dynamics support the adjustment: 161 Suezmax tankers aged 20 are scheduled over the next two years versus just 83 new deliveries, a structural imbalance that is tightening the market and supporting prices. Nordic has also ordered two newbuilds for 2028 delivery. CEO Herbjørn Hansson put it plainly: “In a good market, high profits can be expected.” Q4 2025 revenue was up 32.6% year over year, with the company returning to profit after a net loss in Q3.
Noble Corporation (NYSE:NE) is an offshore contract driller that rose 56.43% in 2026. The stock pays $0.50 per share quarterly, or $2.00 annualized, at a current yield of about 4.42%.
The rally started quickly. Argus Research raised its price target to Jan. 7, 2026, and Noble announced new contract awards of $1.3 billion on Jan. 26, sending the stock up 6.2% in one session. The backlog now stands at $7.5 billion, with a three-year contract worth $473 million with Aker BP for Noble White and a two-year contract with ExxonMobil Nigeria worth $292 million.
JPMorgan downgraded the stock in December 2025 as part of its 2026 sector outlook — a call the market largely voted against. Full-year 2025 free cash flow reached $454.41 million, with management guiding for approximately $1.3 billion in EBITDA and $600 million in free cash flow by 2027. CEO Robert Effler put it this way: “The 2027 backlog is already increasingly being found to mean a return this year.”
first line (NYSE:FRO) with a share of 5% year-to-date at 58.39% completes the list above. The company announced a quarterly dividend of $1.03 per share for Q4 2025, payable on March 19, 2026.
The catalyst for 2026 came in early January when news of Venezuela’s oil seizure tightened global tanker supplies. FRO rose nearly 9.5% on January 8, 2026 on this news alone. Q4 2025 earnings confirmed the price recovery: VLCC spot TCE prices reached $74,200 per day, doubling respectively, while Suezmax prices reached $53,800 per day. Net income was $227.93 million, up from $40.32 million in Q3.
The outlook for Q1 2026 is even stronger. Frontline has contracted 92% of its VLCC spot days at $107,100 per day and 83% of its Suezmax days at $76,700 per day. The company sold eight old VLCCs for $831.5 million and is acquiring nine scrubber-fitted newbuilds for $1.224 billion, positioned for a multi-year upcycle. Analysts raised the price target to $42 per share. CEO Lars Barstad captured the moment: “Frontline has moved decisively to renew its VLCC fleet and secure attractive fixed income, as we enter what may prove to be an unprecedented period for the tanker industry.”
What unites these three is a rare combination: meaningful dividend income and significant investment appreciation in one year. Nordic American tankers offer the highest yield with accelerating dividend growth alongside the price environment. Noble brings a backlog perspective and free cash flow story that the market is pricing in before 2027 inflation. Frontline sits at the center of a structurally tight tanker market, paying more than a dollar per share each quarter while renewing its fleet.
As always, do your due diligence before investing. However, these companies represent areas of the market that are growing from recent geopolitical events and are off the radar of most investors.
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