BofA Cuts Oil Tankers, OMI to Neutral

Friday, October 20, 2006
According to Reuters, Bank of America Securities cut its near-term industry outlook on oil tankers to neutral from overweight, citing a reduction in crude throughput by refiners to ease a global refined product glut. Shipping rates could underperform fourth-quarter expectations by 20 percent, the brokerage added. On OMI, the brokerage said it does not expect the company's value to materially exceed current levels before year end. Shares of OMI, the owner and operator of crude oil tankers, have increased over 25 percent in value this year to date, outperforming its peers by over 20 percent and the S&P 500 by 18 percent, it added.

Tanker Trends

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Alfa Laval Launches DuroShell LPG/E Cargo Condenser

With the new Alfa Laval DuroShell plate-and-shell heat exchanger, Alfa Laval aims to strengthen its offering in LPG/E cargo reliquefaction with a construction that

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

 
 
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