When tanker giants Euronav and Frontline come together sometime next year to put the bow on a contentious merger, it will be a combination of shipowners who have won investors’ hearts on their own distinctive merits.

According to data from Deutsche Bank Securities, Euronav and Frontline rank first and third among all public shipowners in total return to investors over the past five years, having outperformed the S&P 500 index by 114% and 105%, respectively.

Those figures include reinvestment of shareholder dividends.