Product tanker soars on big slide in US gasoline reserves

Deutsche Bank points to significant upside in the oil product tanker market over the next 12 months. This would be good news for IPO candidates such as Torm and Hafnia Tankers.

A massive slide in US oil product stockpiles has in recent weeks sent product tanker rates skyward across most of the key trade routes. While this is good news for the product tanker carriers right now, following a weak 2016, Deutsche Bank displays growing confidence in a more sustainable recovery and a significant share upside for investors in several carriers for the next 12 months.

Regardless of the fact that the current rates are somewhat bland, just as asset values remain weak, corresponding to an average decrease in tanker shares of 16 percent during the past year, several product tanker carriers have trimmed their balances and, as such, are prepared for a recovery and a return to growth.

Read the whole article

Get 14 days free access.
No credit card required.

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

Oil service firm loses nearly USD 60 million in three months

Norway's PGS still suffers under the Covid-19-stricken oil market, delivering yet another financial report with enormous red figures on the bottom line. The deficit is smaller than in Q3 2020, however, when PGS lost more than a quarter billion dollars.

IKEA sustainability manager: Green solutions should not cost more

As a starting point, furniture giant Ikea won't accept that green solutions become more expensive than polluting solutions, says Elisabeth Munck af Rosenschöld, Global Sustainability Manager for Supply Chain Operations, to ShippingWatch. Ikea is part of an alliance of global companies that calls for green shipping by 2040.

Further reading

Related articles

Trial banner

Latest news

See all jobs