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.

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