The crash in oil prices will lead to a series of second-order effects like the effect on debt from energy companies, lower gasoline prices for consumers, lower costs for airlines, and reduced employment in certain industries and regions. It seems that low oil prices are good for the economy in that they boost consumer spending but too low oil prices for a long period can turn billions of dollars of investment worthless, causing disruptions in financial markets and job losses in oil-producing regions.

One winner in oil's decline has been the crude oil tanker stocks which are seeing a spike in rates. Many companies are choosing to store their oil on tankers rather than sell at current prices. Futures prices for oil are currently much higher, creating an arbitrage opportunity for people who are willing to pay to store oil. This is seen in the rates of Very-Large Crude Carrier (VLCC) ships that are capable of transporting or storing 2 million barrels of crude oil. These rates have hit all-time highs in the past week.

DHT Holdings

DHT Holdings (DHT  ) is a pure-play VLCC stock as its fleet is 100% made up of these ships and is exposed to the daily VLCC spot rate. On a long-term basis, On a short-term basis, the stock is showing relative strength to the broad market and is at a one-month high with its rise on strong volume. On a long-term basis, the stock has traded in a range between $4 and $8 from late-2012. If VLCC rates can sustain at these levels, then DHT could move past $8 to new highs.

Euronav Holdings

Euronav Holdings (EURN  ) is another shipping stock that has a large exposure to VLCC rates. Its stock is also about 20% higher in March, one of the few stocks that are higher on the month. The stock is very reasonably priced with a forward price to earnings ratio of 7, although this is dependent on forecasting rates. If VLCC rates can hold at these levels, then the stock can take out its highs from 2015-2016 which was the last time VLCC rates spiked.