ShippingWatch

Analyst firm says investors should sell tanker stock after major rate drops

Tanker rates have dropped markedly over a short time, and an analyst firm now takes a pessimistic view of the second half of the year, recommending that investors sell their tanker shares. The firm assesses that only one thing saves shipping lines from their deepest downturn in decades.

Photo: Nordic American Tankers / PR

A serious plunge in tanker rates since a recent high has analyst firm Cleaves Securities urging investors to sell their tanker shares.

The coronavirus and lower oil output has made tanker rates drop from sky-high levels in April and March of around USD 250,000 per day to now USD 50,000 per day. And prospects only stand to worsen in the second half of the year, Cleaves assesses.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Eurotunnel accuses DFDS of unfair competition on English Channel

Getlink, which owns the railroad service Eurotunnel under the English Channel, accuses ferry operators DFDS and P&O ferries of having struck an unfair deal on the Dover-Calais route in terms of competition. DFDS CEO Torben Carlsen rejects the accusation to ShippingWatch.

Further reading

Related articles

Latest news

See all jobs