Today's high inflation means larger grocery bills, anxiety at the gas pump, and having to pull a few extra bucks out of your pocket at the local fast-food restaurant. In order to offset these higher costs, many people are either changing their spending habits or searching for ways to generate more income.

One way to earn passive income is to invest in dividend stocks. And right now, there are three in the transportation sector that I view as great options, all offering yields above 8%. They're benefiting from a supply-demand imbalance creating a strong pricing environment and record revenue. And if that's not enough to get your interest, analysts expect each of them to see more share price gains on top of what have already been healthy year-to-date performances despite the ongoing bear market.

1. SFL Corp.

Bermuda-based SFL Corp. (SFL 2.20%), formerly Ship Financial International, operates a global ocean-going chartered fleet, with 70 vessels that support the transportation of various cargoes, including two offshore rigs. The company makes its money through long-term contracts that average seven years per vessel, and has $3.6 billion in current contracted revenue.

Income investors will find their attention drawn to SFL's high dividend yield of 8.3% at the current share price. That's far above the S&P 500's average yield of 1.43% as of June 6. The company also boasts a streak of 73 consecutive quarterly payouts -- 18 years -- and it bumped the payout last by 10% during the first quarter.

On the surface, this all may look great, but if you dig a bit deeper, you may find an undertow that could dissuade you from jumping on board.

SFL's annual dividend has fluctuated greatly over time. So it lacks the consistency that some investors may be looking for, and the steady pace of increases that Dividend Aristocrats is simply not there. Although the annual payout has seen increases, overall, it has been on a downward trend since the company dished out $2.29 per share in 2008. Last year, it was $0.63 per share.

That said, SFL's first-quarter results did not dissuade analysts from setting price targets on the stock that suggest it will produce healthy gains for investors. The company's Q1 revenue of $152 million produced a $47 million net profit, and it came away with $540 million in contracted backlog thanks to a new five-year charter of six vessels to Hapag-Lloyd, a global shipping leader. The average 12-month price target among analysts tracking SFL is $12.17 -- 31% higher than the current share price, which is around $9.

2. Golden Ocean Group

Golden Ocean Group (GOGL 2.17%), a dry bulk shipper also based out of Bermuda, operates 87 vessels -- 30% more than it had at the end of 2020. The company makes its money in the same manner as SFL, from long-term contracted charters. 

The company has benefited from the limited supply of dry bulk shipping vessels amid a period of continued high demand. This has led CEO Ulrik Andersen to state that he believes the company is set to continue its growth through 2022 and 2023. He went on to state that a considerable amount of fixed profit charters will help protect its dividend payout capacity and lead to attractive results in the second half of the year. 

That dividend currently is $2 per share, which at Golden Ocean's recent stock prices yields 15.75%. At that level, a $10,000 investment would provide around $7,900 in payouts over the next five years. But that's just one reason why this dividend stock could be a winner.

Analysts are also impressed with the growth taking place at Golden Ocean -- a view highlighted by H.C. Wainwright's decision to raise its 12-month price target on the stock by 38%, from $13 to $18, though it maintained a neutral rating. The average analyst price target is $19, 62% above where it has traded recently.

3. ZIM Integrated Shipping

With nearly 100 vessels and annual revenue of over $6 billion, ZIM Integrated Shipping (ZIM 0.09%) is the largest of these three vessel operators. Its February 2021 initial public offering couldn't have had much better timing. The ocean-going shipping industry was already in the midst of a period of higher pricing and strong demand for vessels. Investors pushed the stock from its opening $15 share price upward to over $90 this past March, though it has since given back more than half of those gains amid the broader market decline.

ZIM is riding the wave of a great pricing environment, announcing 17 charter transactions for 17 new build vessels. The company's success in 2021, combined with long-term contracts set in 2022 at even higher rates than 2021, has CEO Eli Glickman excited. ZIM raised its 2022 guidance range for EBITDA by 10% to $8 billion at the midpoint.

Investors in ZIM are not only benefiting from a rising share price, but a massive annual dividend of $11.40 per share -- a 22.6% yield at the current share price -- after the company declared a $2.85 per share quarterly payout in Q1. The question is whether or not the company can sustain it. The company does boast $779 million in cash -- up 53% over Q1 last year -- but given its short dividend history, there's room for concern.

Be that as it may, analysts like ZIM's potential. The stock has an average 12-month price target of $77, equating to a 62% upside.