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Week 26: Crude Tanker Industry Update

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Week 26

When assessing the crude tanker industry, it’s important to look at the BDTI (Baltic Dirty Tanker Index). In week 26, which ended on June 29, the BDTI fell from 754 to 712. In week 25, the index dropped by one point. The index shows the direction that crude tanker rates are heading. The index has risen ~1.7% since the beginning of the year.

Since the crude tanker industry is seasonal, it’s important to look at the BDTI’s yearly performance. During the same period last year, the BDTI was ~675. On average, the index was 8.6% higher year-over-year in week 26.

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Weekly performance

All of the crude tanker stocks fell in week 26. Navios Maritime Midstream Partners fell the least, while Teekay Tankers fell the most. Crude tankers saw the following returns for the week ending June 29:

  • Teekay Tankers (TNK) fell 10.6%.
  • Nordic American Tankers (NAT) fell 10.37%.
  • Tsakos Energy Navigation (TNP) fell 3.38%.
  • Frontline (FRO) fell 8.18%.
  • Euronav (EURN) fell 5.64%.
  • DHT Holdings (DHT) fell 4.09%.
  • Navios Maritime Midstream Partners (NAP) fell 2.09%.

During the same period, the SPDR Dow Jones Industrial Average ETF (DIA) fell ~1.20%.

Series overview

In this series, we’ll see whether crude tanker rates rose in week 26. We’ll also discuss bunker fuel prices. We’ll see if analysts revised any of their recommendations for crude tanker stocks.

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