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Week 35: Crude Tanker Industry Had a Mixed Performance

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Week 35: Crude Tanker Industry Had a Mixed Performance PART 1 OF 4

Week 35: Crude Tanker Index Rose for the Second Week

Week 35

When assessing the crude tanker industry, it’s important to track the BDTI (Baltic Dirty Tanker Index). In week 35 (ending September 1, 2017), the BDTI rose from 643 to 682. In the previous week, the index rose by 22 points.

Week 35: Crude Tanker Index Rose for the Second Week

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Since the beginning of the year, the index has fallen ~26%. The index gives us an idea of the direction that crude oil tanker rates are heading.

Along with its weekly performance, it’s also important to look at the index’s yearly performance. The crude oil industry is characterized by seasonality. In the same period last year, the BDTI was at ~514. In week 35, the index is 29.4% higher year-over-year.

Stock performance

In week 35, crude tanker stocks gave mixed returns. Frontline, which released its second quarter earnings last week, was the worst performer—its stock fell 11%. On the other hand, Nordic American Tankers was the best performer among its peers—its stock rose 5.8%. Compared to the previous week, other crude tanker companies’ returns were:

  • Teekay Tankers (TNK) fell 7.2%.
  • Nordic American Tankers (NAT) rose 5.8%.
  • Tsakos Energy Navigation (TNP) fell 0.4%.
  • Gener8 Maritime (GNRT) fell 1.1%.
  • Frontline (FRO) fell 11.0%.
  • Euronav (EURN) fell 2%.
  • Navios Maritime Midstream Partners (NAP) rose 0.27%.

In the same week, the SPDR Dow Jones Industrial Average ETF (DIA) rose 0.86%.

Series overview

In this series, we’ll see how crude tankers—very large crude carriers, Suezmax, and Aframax—fared in week 35. We’ll also look at crude oil prices, bunker fuel prices, and analysts’ recommendations for crude tanker stocks.

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