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Crude Tankers Last Week: A Key Update

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Crude Tankers Last Week: A Key Update PART 1 OF 4

What Happened to Crude Tanker Stocks Last Week?

Week 32 for tankers

When assessing the crude tanker industry, it’s important to track the BDTI (Baltic Dirty Tanker Index). In the 32nd week of 2017 (ended August 11, 2017), the BDTI Index rose to 621 from 619.

The BDTI Index rose after a fall in previous two weeks. Since the beginning of the year, the index has fallen ~33%. Remember, the BDTI gives us an idea of the direction that crude oil tanker rates are heading.

What Happened to Crude Tanker Stocks Last Week?

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Crude oil tanker rates are seasonal, and so it’s better to look at their YoY (year-over-year) performances. In the same period last year, the BDTI was ~503. On average, the index was ~23.5% higher YoY.

Stock performance

All crude tanker stocks traded in the red last week (ended August 11, 2017). Below are the stock returns of crude tanker stocks for the week (compared with the previous week):

  • Teekay Tankers (TNK) fell 10.5%.
  • Nordic American Tankers (NAT) fell 6.3%.
  • Tsakos Energy Navigation (TNP) fell 3.5%.
  • Gener8 Maritime (GNRT) fell 8.8%.
  • Frontline (FRO) fell 1.8%.
  • Euronav (EURN) fell 8.2%.

The SPDR Dow Jones Industrial Average ETF (DIA) fell 0.85% during the same week.

Series overview

In the next part of the series, we’ll discuss how the average VLCC (very large crude carrier) prices saw fresh multiyear lows and how Suezmax and Aframax prices fared last week. We’ll also look into the cost side of Bunker fuel prices and see which crude tanker company’s target price was slashed by Maxim and check in with the consensus recommendations for the above crude tanker companies.

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