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How Crude Tanker Companies Fared in Week 48

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How Crude Tanker Companies Fared in Week 48 PART 1 OF 5

How Crude Tanker Companies Fared in Week 48

Week 48

In week 48, which ended on December 1, 2017, the BDTI rose from 812 to 820. In the middle of the week, the index dropped to 794 but rose towards the end of the week. In week 47, it rose three points. BDTI gives us an idea in which direction crude tanker rates are heading. The index has fallen ~23% compared to the beginning of the year.

How Crude Tanker Companies Fared in Week 48

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Since the crude oil industry is seasonal, it’s important to look at the BDTI’s yearly performance. The BDTI was at ~890 during the same period last year. In week 48, the index was 9.7% lower year-over-year.

Weekly performance

Crude tanker companies gave mixed returns last week. Of the seven crude oil tanker stocks that we observed, two stocks traded in the green, and five stocks traded in the red. The worst performer in the group was Frontline (FRO). The following are crude oil tanker companies’ stock returns for week 48:

  • Teekay Tankers (TNK) rose 0.63%.
  • Nordic American Tankers (NAT) fell 2.7%.
  • Tsakos Energy Navigation (TNP) rose 0.47%.
  • Gener8 Maritime (GNRT) fell 2.6%.
  • Frontline (FRO) fell 5.5%.
  • Euronav (EURN) fell 2.3%.
  • Navios Maritime Midstream Partners (NAP) fell 2.7%.

In the same week, the SPDR Dow Jones Industrial Average ETF (DIA) rose 3.0%.

Series overview

In the next part of the series, we’ll see how crude tanker rates performed in week 48. We’ll also look at the impact of OPEC’s production cut extension on bunker fuel prices. In the last article, we’ll see how analysts revised target prices for Tsakos Energy Navigation in week 48.

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