Lehman Bros.: General Maritime Is A Strong Buy
"We expect charter hire rates to remain firm and recover through the remainder of the year as oil production volumes from Iraq and OPEC increase requiring transportation service," said a research note.
Iraq, which in June cut oil exports to protest the U.N. administered oil-for-food program put into place after the invasion of Kuwait in 1990, hopes to sign a deal this week and return its oil to the market, according to its U.N. envoy.
Shares of General Maritime closed at $13.05 on Friday, just off its 52-week low of $12.20 and below its high of $18.