Tanker Shares Sink Lower

Thursday, August 04, 2011

At  MarineMoney's New York City event earlier this summer, tanker operators were in a somber mood, and Michael Reardon, Manager Global Strategy and Freight Traiding, ConocoPhillips, was quoted as saying: “Floating storage took VLCCs out of the market and sent false signals to the market ... We are at or near the bottom; things can get worse, but not much worse.”
Don't look now, but things have gotten worse.

Yesterday, in an Associated Press report, a Jefferies analyst downgraded shares of Overseas Shipholding Group Inc. and Frontline Ltd., saying the economy won't grow fast enough to stimulate oil production and boost rates for tanker companies by the end of the year.
While IEA's decision in late June to release oil from emergency stockpiles reduced and delayed tanker charter rate rebound expectations into the fourth quarter, there are significant concerns that the stalled global economy simply will not provide the push needed for a significant rebound.

Many tanker companies, including OSG and Frontline, are trading at 52-week lows.


Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Panama Canal Reports Record Tonnage

The Panama Canal Authority (ACP) announced a new tonnage record, welcoming 340.8 million Panama Canal tons (PC/UMS) through the canal for the 2015 fiscal year – a 4.

Gas Carrier Concept Stems from Bulker Design

Deltamarin Ltd and Brevik Technology AS, a VARD affiliate, have joined forces to develop a novel multigas carrier design concept that combines the design of Deltamarin’s B.

Poland: First LNG Shipment due in Nov-Dec

Poland expects to receive its first cargo of liquefied natural gas at its new LNG terminal at the end of November or early December, the treasury minister was quoted as saying on Sunday.


Market Growth to Bring More Carnival Ships to China

Eying a rapidly growing cruise market, Carnival Corporation announces plans to sail more ships from China The Chinese cruise market, expected to become the world’s

Saudi Shipper Bahri Q3 Net Profit Rises

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 501 percent increase in third-quarter net profit on Tuesday.

Noreco CEO Quits

Norwegian Energy Company ASA (Noreco) announces that Tommy Sundt is stepping down as CEO of Noreco ASA. Since joining Noreco in September 2014, Tommy Sundt

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2724 sec (4 req/sec)