The BDTI (Baltic Dirty Tanker Index), which shows where crude tanker rates are heading, can be used to assess the crude tanker industry. In week 29 (week ending July 20), the BDTI fell from 744 to 723. The BDTI has risen ~3.3% in 2018. Investors should compare the BDTI’s YoY (year-over-year) performance because the industry is seasonal. At the same time last year, the index was 11.56% higher at ~645. In week 28, the BDTI rose by 23 points.
Performance last week
Most crude tanker stocks fell in week 29. Only Frontline rose and was the best performer. Teekay Tankers fell the most among crude tanker stocks. The following are the stock returns for week 29:
- Teekay Tankers (TNK) fell 7.14%.
- Nordic American Tankers (NAT) fell 4.02%.
- Tsakos Energy Navigation (TNP) fell 2.32%.
- Frontline (FRO) rose 1.52%.
- Euronav (EURN) fell 2.89%.
- DHT Holdings (DHT) fell 3.22%.
- Navios Maritime Midstream Partners (NAP) fell 0.56%.
During the same period, the SPDR Dow Jones Industrial Average ETF (DIA) rose ~0.10%.
In this series, we’ll look at the crude tanker rates in week 29, bunker fuel prices, and analysts’ recommendations for crude tanker stocks.