Crude tanker rates
After one of the worst third quarters, crude tanker rates increased slightly in the fourth quarter. The rates were supported by refineries returning from seasonal maintenance and an increase in long-haul crude oil movements from the Atlantic Basin to the Pacific. It increased the ton-mile demand.
Crude tanker stocks
Crude tanker stocks gave mixed returns in the last three months. Gener8 Maritime Partners was the best performer among its peers. Its stock price rose in December. Nordic American Tankers was the worst performer.
The crude tanker stock returns for the last three months as of December 27, 2017, are as follows:
- Teekay Tankers (TNK) fell 13.3%.
- DHT Holdings (DHT) fell 10.2%.
- Euronav (EURN) rose 18.8%.
- Tsakos Energy Navigation (TNP) fell 13.6%.
- Nordic American Tanker (NAT) fell 53.8%.
- Navios Maritime Midstream Partners (NAP) rose 27%.
- Frontline (FRO) fell 21.5%.
- Gener8 Maritime Partners (GNRT) rose 39.8%.
During the same period, the SPDR Dow Jones Industrial Average ETF (DIA) rose 10.9%. To learn about the year-to-date stock performance of crude tanker stocks, read Top 5 Crude Tanker Stocks in 2017 by Market Returns.
In January, crude tanker companies will start releasing their fourth-quarter earnings. In this series, we’ll discuss analysts’ estimates for these companies’ fourth-quarter revenues and EBITDA. We’ll also look at analysts’ recommendations for these stocks.