Crude Tanker Stocks Fall in Week 33 of 2017
When assessing the crude tanker industry, it’s important to track the BDTI (Baltic Dirty Tanker Index). In the 33rd week of 2017 (ended August 18, 2017), the BDTI fluctuated between 617 and 621. However, on the last day of the week, the index stood at 621—where it was at the start of the week.
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In the previous week, the BDTI had risen by two points. Since the beginning of the year, the index has fallen ~32%. The index gives us an idea of the direction in which crude oil tanker rates are heading.
As the crude oil tanker industry is seasonal, it’s important to assess the index’s YoY (year-over-year) performance. In the same period last year, the BDTI was at ~498, ~23.8% lower than its current standing.
In Week 33, all crude tanker stocks saw negative returns. Their returns, compared with the previous week’s, were as follows:
- Teekay Tankers (TNK) fell 5.2%
- Nordic American Tankers (NAT) fell 5.7%
- Tsakos Energy Navigation (TNP) fell 5.2%
- Gener8 Maritime (GNRT) fell 4.2%
- Frontline (FRO) fell 7.7%
- Euronav (EURN) fell 3.5%
The SPDR Dow Jones Industrial Average ETF (DIA) fell 0.99%.
In this series, we’ll see how crude tankers—very large crude carriers, Suezmax, and Aframax—fared in Week 33. We’ll also look at crude prices and bunker fuel prices, as well as analysts’ recommendations for crude tanker stocks.