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Msg  1401 of 1402  at  3/30/2020 9:38:12 AM  by


Nordic American Tanker Shipping Ltd.


Oil tanker rates keep surging amid one of 'greatest quarters in history'

|About: Euronav NV (EURN)|By: , SA News Editor

Supertanker freight rates are on the rise again as producers, refiners and traders scramble to secure ships for transport or storage amid an increasing global glut of oil.

Freight rates for VLCCs along the Middle East to China route today were assessed at ~$180K/day, up from $125K on Friday and a weekly low of $90K on Wednesday, Reuters reports.

"Generally looking at Saudi's export plans for the coming months at more than 10M bbl/day - as well as the demand for floating storage - then you can expect freight rates to remain strong," says Anoop Singh, head of tanker research in Asia at Braemar ACM Shipbroking.

Q2 now looks set to be "one of the greatest quarters in history for large crude carriers," Pareto says, with tanker rates going "into the stratosphere" and floating storage happening at an "unprecedented pace."

Pareto raises 2020 earnings estimates for tanker stocks in its coverage by 50%-120%, with Euronav (NYSE:EURN) among those seeing the biggest positive revisions.

Other potentially relevant tickers include FRO, NAT, NNA, NM, NMM, TNK, TNP, TK, INSW, DSSI, ASC, SFL, DHT, GNK, SB, SBLK, STNG

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