According to an analyst speaking with the Associated Press for a Feb. 9 report, a flood of new crude oil tankers being delivered this year will bring down vessel rates in the spot market and he has cut his ratings on two companies. Jefferies & Co. analyst Douglas Mavrinac downgraded Overseas Shipholding Group to "Underperform" from "Hold" and lowered Teekay Corp. to "Hold" from "Buy," noting both companies have a large portion of their fleet operating in the spot market, where rates are expected to slip.
(Source: Associated Press)