DHT Holdings Inc
How Crude Tanker Stocks Performed in 3Q17
Just like crude tanker rates, most crude tanker stocks also fell in 3Q17.
Crude Oil Inventory Buildup Erases Crude Oil Gains
The weekly commercial crude oil inventory report was released by the EIA on April 8, 2015. Weekly crude oil inventories rose by 10.95 MMbbls.
Analysts’ Recommendations for Crude Tanker Stocks
In Week 28, analysts made no target price revisions or recommendation changes for crude tanker companies.
Gauging Tsakos Energy’s Estimated Revenue Fall for 2Q17
For 2Q17, analysts estimate that Tsakos Energy Navigation (TNP) will see revenues of $109.8 million, compared with the $138 million we saw in 1Q17.
What Analysts Recommend for the Top Two Crude Tanker Stocks
DHT Holdings (DHT) was the best-performing stock among peers on a YTD basis.
China’s March Data and the Crude Tanker Industry
In many ways, China is the most important country for the crude oil tanker industry. In this series, we’ll take a close look at China’s March 2017 import-export data and manufacturing sector performance.
Is US Oil Demand Helping Crude Tankers?
US products supplied for the week ended March 17, 2017, totaled 19,225 Mbpd (thousand barrels per day), 1% less than in the previous week.
Tsakos Energy Navigation’s Revenue and EBITDA Fell in 1Q16
Tsakos Energy Navigation’s 1Q16 net revenues fell by 11.6% to $99 million from $112 million in the previous quarter.
What Impacted Nordic American Tankers’ Top Line?
Nordic American Tankers’ revenue in 3Q16 fell to $71 million—compared to $88 million in 2Q16. Its revenue was 29% lower than its revenue in 3Q15.
EIA Crude Oil Inventory Report Supports Bearish Traders
The EIA reported that the US commercial crude oil inventory rose by 2.6 MMbbls (million barrels) to 487.4 MMbbls for the week ending December 25, 2015.
Credit Suisse Downgrades Navios Maritime Midstream Partners
Consensus recommendations On January 13, 2017, Credit Suisse downgraded Navios Maritime Midstream Partners (NAP) to “neutral” from “outperform” and decreased the target price to $12 from $13. Only five analysts give recommendations on Navios Maritime Partners. According to Reuters, the consensus rating for the stock is 2.6, which means a “hold.” One analyst has given a […]
Which Crude Tanker Companies Lost More in 3Q?
The third quarter wasn’t very good for tanker rates. In August 2016, the middle of the third quarter, tanker rates dropped to some of their lowest levels.
Euronav Provided Insights on the Rising Orderbook
Euronav thinks that the rise in the orderbook is partly due to the Tier 3 legislation on nitrogen oxide emissions. The legislation is applicable from January 2016.
Time Charter Rates Fell at the End of November
The time charter rates for one year on VLCCs (very large crude carriers) fell to $43,000 per day on November 25—compared to $45,500 per day the previous week.
VLCC Rates Are near Multiyear Lows
According to Weber’s report, VLCC rates for the route from the Arabian Gulf to China fell from $10,809 per day on August 18 to $8,747 per day on August 25.
Behind Analysts’ High Estimates for Tsakos
Tsakos operates a total fleet of 50 tankers and has 15 tankers under construction. Of these 15, seven newbuilds are expected to join the fleet in 2016.
China’s PMI Hits 19-Month Low—How It Impacts the Crude Tanker Industry
In February 2018, China’s manufacturing PMI (purchasing managers’ index) was 50.3.
China’s Imports: 12.5% Higher in First 4 Months of 2017
China’s crude oil imports hit an all-time high in March. April’s crude oil imports eased—total crude oil imports came in at 34.39 million tons.
China’s Oil Production and Imports Benefit Crude Tanker Industry
China’s crude oil imports in March hit a new record. Its total crude oil imports came in at 39.0 million tons, compared to 31.8 million tons in February.
Week 12: Nordic American Tankers Struggled
In week 12 of 2018, which ended on March 23, the BDTI rose from 635 to 656. In week 11, the index dropped by 18 points.
US Crude Oil Inventories Supported Crude Oil Prices
A Platts survey estimated that US crude oil inventories fell by 200,000 barrels from August 5–12. A larger fall in crude oil inventories supported crude oil prices.
Frontline in 3Q15: Risks and Bullish Factors for Tanker Industry
The main factor for a bright outlook for the tanker industry is the world oil supply, which is at the highest level ever at 97 million barrels per day. The low price for oil is supporting higher demand.
Euronav’s Financial and Liquidity Position after Its 3Q16 Results
On September 30, 2016, Euronav (EURN) had long-term debt of ~$1.0 billion. This increased from $952 million at the start of the year.
Tsakos Energy Navigation’s Revenue Fell in 3Q16
Tsako posted revenue of $109 million in 3Q16—9% lower than last quarter’s revenue of $120 million and 23% lower than $141 million recorded in 3Q15.
Mapping Navios Maritime Midstream’s 1Q17 Revenue Decline
Navios Maritime Midstream Partners’ (NAP) 1Q17 revenue fell to $21.1 million, as compared to $24.15 million in 1Q16.
China’s Auto Sales Rise 8.8%: The Impact on Crude Oil Tankers
China’s (MCHI) auto sales for the first two months of 2017 were 8.8% higher than sales for the same period in 2016.
Teekay Tankers’ Earnings: How Do They Compare?
In the first quarter, Teekay Tankers’ EBITDA fell to $80.9 million, from $83.9 million in the previous quarter.
US Crude Oil Inventory: Will It Pressure Crude Oil Prices This Week?
The estimates of rising US crude oil inventories could add more pain for crude oil prices. Low crude oil prices negatively impact crude oil producers.
VLCC Prices Rose First Time in 2017
Newbuild VLCC (very large crude carrier) prices rose in May 2017, and this is the first time we’ve seen a rise in prices this year.
Gener8 Maritime Partners: Fourth-Best Performer in 2018
Gener8 Maritime Partners’ YTD returns were -10% as of April 5, 2018. Gener8 Maritime Partners is the fourth-best performer among its peers YTD.
Week 48: Euronav and Nordic American Tankers’ Fleet Updates
Nordic American Tankers (NAT) announced on December 1, 2017, that it has secured financing for three of its newbuilds under construction.
What Could China’s March Data Mean for Crude Tanker Investors?
After a steep dip to a four-month low in January, crude oil imports in February jumped, which was a good sign for crude tanker investors.
Where Will Tsakos Energy’s Earnings Stand in 2Q17?
The analysts’ 2Q17 EBITDA estimate for Tsakos Energy is $58 million, which would mean a 5.8% drop from $62 million in 1Q17.
Will China’s Crude Oil Imports Keep Rising?
China’s crude oil imports were the second-highest ever in May 2017. Its highest crude oil imports came in March 2017 at ~9.2 MMbpd.
Week 41: Aframax Rates Rose
The Aframax rates on the Caribbean rose from $9,739 per day on October 6, 2017, to $17,087 per day on October 13—a 75% rise week-over-week.
How China’s Manufacturing and Auto Industry Are Impacting Crude Tankers
In May 2017, the Markit China Manufacturing PMI was 51.2 (MCHI)—similar to the previous month.
Euronav’s Revenue Fell 40%, Beat Estimates Easily
Euronav recorded revenue of $164 million in 1Q17—higher than $146.8 million in the last quarter. The crude tanker industry is characterized by seasonality.
Could Cushing Crude Oil Stocks Support the Crude Oil Price Rally?
The EIA reported that Cushing crude oil inventories fell by 1.26 MMbbls to 66.2 MMbbls for the week ending March 11, 2016.
Baltic Dirty Tanker Index Rose by 67 Points in Week 21
Most of the crude tanker stocks rose in week 21. Euronav and DHT Holdings were the best performers in the sector.
Behind Euronav’s New Fixed Dividend Policy
Euronav’s (EURN) operating cash flow in 2Q17 was $59 million, compared with $74 million in the previous quarter.
Teekay in the Gulf of Mexico: What’s the Ship-To-Ship Business?
Teekay’s acquisitions complement the company’s ship-to-ship transfer business and expand its presence in the US Gulf of Mexico.
Euronav, DHT Holdings Selling Their Old Vessels
On November 24, 2017, Euronav (EURN) sold its VLCC (very large crude carrier) Artois. It was 298,330 DWT (deadweight tonnage) and wholly owned by Euronav.
US Crude Oil Inventories Hit a 7-Month Low
The EIA reported that US crude oil inventories fell by 6.2 MMbbls to 504.6 MMbbls from September 9–16, 2016. It’s the lowest levels since February 12, 2016.
China’s Auto Sales in May: Good for Crude Oil Tanker Industry?
In May 2017, auto sales in China fell 0.10% year-over-year to 2.1 million. Automobile sales are a key indicator of China’s economic health.
Looking Back and Forward: Tsakos’s EBITDA in 4Q15, in 1Q16
Tsakos Energy Navigation’s vessel operating expenses decreased to $33 million in 4Q15 compared to $38 million in 4Q14. The firm sold two vessels in 3Q15.
Analyzing DHT Holdings’ Performance in 2018
DHT Holdings’ (DHT) YTD returns were 1.1% as of April 5, 2018. DHT Holdings is the only crude tanker company with a positive YTD return.
How Do These 6 Crude Tanker Companies Compare?
After a spectacular 2015, the crude tanker industry is going through a rough patch in 2016. All crude tanker stocks have given negative year-to-date returns.
How Did China’s Car Sales Turn Out in February?
After outstanding auto sales in January, China’s auto sales took a dive in February. In February, the total sales recorded came in at 1.6 million, which was down 0.86% YoY (year-over-year) and down 36% from the previous month.
China’s Auto Sales Rose in August, Impacted Crude Tankers
In August 2017, China’s auto sales rose 4.1% YoY (year-over-year). Its total vehicle sales rose 5.3% to 2.19 million in August.
Tsakos Energy Navigation: Fifth-Best Performer in 2018
Tsakos Energy Navigation’s (TNP) YTD returns were -12.8% as of April 5, 2018. Tsakos Energy Navigation is the fifth-best performer among its peers YTD.
Teekay Tankers’ Earnings: Past, Present, and Future
In 4Q15, Teekay Tankers’ revenue rose by 35% over the previous quarter and its operating expenses rose by 39%.
US Crude Oil Inventory Hit the Highest Level Ever: What’s Next?
On April 13, the EIA released its weekly crude oil inventory report. The US crude oil inventory rose by 6.6 MMbbls to 536.5 MMbbls between April 1 and April 8.
Is the Baltic Dirty Tanker Index trying to gain positive ground?
On a YTD basis, the Baltic Dirty Tanker Index declined 5% to 841 on February 20, 2015. On a YoY basis, the index recorded a 10.50% increase.
Tanker Fleet Mixes and Their Effects on Company Performance
At the onset of 4Q15, tanker rates started to climb as refineries completed their maintenance programs. The rate spike was especially lead by VLCCs.
Will Fleet Growth Prove Negative for the Crude Tanker Industry?
In the first week of 2017, the number of VLCCs (very large crude carriers) in the world was 686. Halfway into 2017, the VLCC fleet has grown to 713.
Will the US Crude Oil Inventories Report Benefit Crude Oil Prices?
US crude oil inventories hit an all-time high of 543.6 MMbbls in the week ending April 29, 2016. This will limit the upside potential for crude oil prices.
Crude Oil Storage Costs Rose 9 Times, US Crude Tests New Limits
Limited crude oil storage facilities caused crude oil storage costs to rise to $0.90 per barrel on February 9, 2016—compared to $0.10 per barrel in August 2015.
Must-Knows about Euronav’s Fleet and Recent Acquisitions
The day after Euronav (EURN) announced its 3Q16 results on October 31, it announced that its agreed to purchase the 50% of the joint venture it does not own in the VLCC VK Eddie.
Analyzing Volatility in Crude Oil Prices: What Does It Mean?
Crude oil prices implied that volatility increased after the release of the US crude oil inventory report during the first two months of 2016.
Tankships seeks to expand its fleet size through acquisitions
Tankships seeks to expand its fleet size through timely and selective acquisitions of additional secondhand modern tankers and the available optional vessels.
VLCC Rates Rise by 127% Month-over-Month, BDTI Rises 15% YoY
VLCC rates (very large crude carrier) for the benchmark route Gulf to Japan rose from $49,400 per day last month to $112,100 per day for the week ending October 2, 2015.
Understanding Navios Maritime Midstream Stock Fall
In 1Q17, NAP’s revenue fell 12.6% to $21.1 million, as compared to $24.15 million in 1Q16.
Outlook for global growth and tanker fleet for Teekay Tankers
Looking ahead to 2015, Teekay Tankers Ltd. (TNK) forecasts 2.0% net global tanker fleet growth with major contribution from the product tanker sector. There is a negative fleet growth estimate for the Suezmax and uncoated Aframax sectors.
Key Highlights from Euronav’s Balance sheet
Crude tanker companies like Euronav, Frontline, Nordic American Tankers, Teekay Tankers, and DHT Holdings are highly leveraged, which makes their balance sheets vital.
Dissecting Euronav’s 2Q17 Revenue
Euronav (EURN) recorded revenues of $126 million in 2Q17—lower than the $164 million it recorded in 1Q17.
What Is Teekay Tankers’ Outlook for the Crude Tanker Industry?
In its first-quarter conference call, Teekay Tankers gave insights on the crude tanker market.
Why equity is Tankships’ principle source of funds
Stockholders provided the equity through equity offerings, operating cash flows, and long-term borrowings. These funds have been treated as capital expenditures.
Five Key Crude Tanker Companies: A Comparison
The crude tanker industry is highly fragmented. The total world fleet of VLCCs (very large crude carriers) stood at 640 at the end of 2015.
Frontline’s 2Q17 Revenue Expected to Fall 45%
Wall Street analysts estimate net revenue of $104.3 million for Frontline (FRO) in 2Q17. This compares to $177 million in 1Q17.
Week 25: How Did the Crude Tanker Index Perform?
Since the beginning of 2018, the BDTI (Baltic Dirty Tanker Index) has fluctuated between 628 and 781. The year started out with the BDTI at 700.
Tankships emerges in the crude oil transportation industry
Tankships Investment Holdings Inc. (TNKS) is an international shipping company. It provides worldwide seaborne transportation of crude oil petroleum.
WTI Crude Oil Holds above $50 per Barrel
WTI crude oil for May delivery trading in NYMEX gained marginally by 0.73% in yesterday’s trade. WTI oil prices closed at $50.79 per barrel on April 9, 2015.
Crude Tanker Stocks Fell in Week 29
The BDTI can be used to assess the crude tanker industry. In week 29 (week ending July 20), the BDTI fell from 744 to 723.
Crude Oil Prices Fell Due to the Appreciating US Dollar
December WTI crude oil futures contracts trading in NYMEX fell by 2.6% on November 17. Crude oil prices resumed a downward trend.
US Crude Takes Longest Route to Reach Destinations
According to preliminary weekly US data, total crude exports have averaged ~0.77 MMbpd in 2017—substantially higher than the same period last year.
Tsakos Energy Navigation: 1Q17 Earnings Highlights
On May 12, 2017, Tsakos Energy Navigation (TNP) announced its 1Q17 earnings. Its revenues were $138 million—$8 million more than 4Q16.
Analysts See a 43% Potential Upside for Teekay Tankers
The consensus 12-month target price for Teekay Tankers is $1.69, which implies a potential upside of 43.2% from its July 11 market price.
How Does Tsakos’s Valuation Compare to Its Peers and Its Past?
Tsakos Energy Navigation’s enterprise value to earnings before interest, tax, depreciation, and amortization multiple is 4.7x as of February 18, 2016.
Bunker Fuel Prices Rose, Oil Hit a 2-Year High in Week 39
The West Texas Intermediate crude oil price rose from $50.66 per barrel on September 22 to $51.49 per barrel on September 29, 2017.
Rising Orderbook: Smooth Seas or a Concern for Tanker Industry?
The VLCC (very large crude carrier) orderbook rose in January 2016 to 42.1 million DWT (deadweight tonnage) from 38.7 million DWT in December 2015.
Why Tsakos Energy Navigation’s Revenue Rose 19% in 4Q16
Tsakos Energy Navigation (TNP) posted revenue of $130.0 million in 4Q16, which was 19.0% higher than $109.0 million in 3Q16.
What Does DHT Holdings’ Current Valuation Tell Us?
Though DHT’s tankers are relatively young, and it’s expanding its fleet, investors have given it a low valuation, most likely due to its convertible debt.
Why TNP’s partnerships create value and positive outlook
Tsakos Energy Navigation Limited’s (or TNP) management believes that the value created by its new partnerships will be profitable for the company. This will be reflected in its valuations. The company’s CEO believes that TNP performed stronger for the first half of 2014. This was mainly because it reinforced its strategy to focus on the versatile and diversified fleet in the crude sector.
Key for Investors: Valuations as Indicators
In the shipping industry, valuations are generally higher in bad times—the profitability is lower. Similarly, valuations are lower in good times.
Euronav: Third-Best Performer among Crude Tanker Stocks
Euronav’s (EURN) YTD (year-to-date) returns were -9.2% as of April 5, 2018. Euronav is the third-best performer among its peers on a YTD basis.
How DHT Holdings Has Been Improving Its Leverage
DHT Holdings’ (DHT) debt has risen to $662 million as of the end of 4Q15 from $621 million recorded in 3Q15.
US crude imports dip on surging domestic production
For the last four-weeks as of December 12, 2014, US crude oil imports were 1.9% lower than the same period in 2013 due to high domestically produced oil.
Fleet Updates for Euronav in 4Q16
Long-term contract On October 3, 2016, Euronav (EURN) signed a long-term time charter contract with Valero Energy. The contract is for seven years and will commence in 2018. To fulfill the contract, Euronav has ordered two Suezmax vessels. They will be delivered in early 2018, just before the contract commences. Delivery deferred Euronav’s two VLCCs […]
How China’s Manufacturing Industry Is Performing
China’s manufacturing purchasing managers’ index In March 2017, China’s manufacturing PMI (purchasing managers’ index) score, a key indicator of the country’s economic health, stood at 51.8 (MCHI) (FXI). That was slightly higher than the 51.6 seen in February 2017. Its PMI score has risen for nine months straight. The reading was well above Reuters’s estimate and […]
Is Tsakos Energy’s Fleet the Key to a Bright Future?
Tsakos Energy Navigation (TNP) has a fleet of 65 double hull vessels consisting of a mix of crude tankers, product tankers, and LNG carriers.
Crude Oil Inventories Suggest Bear Market May Extend beyond 2016
The EIA projects that global crude oil inventories could slow down to 1.4 MMbpd in 4Q15, and then fall to an average of around 0.6 MMbpd.
Euronav: Recycling Is Encouraging for the Tanker Industry
Euronav (EURN) discussed the crude tanker industry in its 1Q18 conference call. Euronav talked about headwinds and constructive drivers.
Analysts Expect a Plunge in Frontline’s 3Q16 Revenues
Because crude tanker rates are generally strong in the fourth quarter, Wall Street analysts expect Frontline (FRO) to report a rise in revenue to $115.8 million in 4Q16.
Analyzing Nordic American Tankers’ Dividends
Nordic American Tankers claims to have a unique business model with high dividend payout and low financial risk. It has a long history of paying dividends.
Analysts’ Recommendations for Tsakos before Its 3Q17 Results
Of the 11 analysts covering Tsakos Energy Navigation, two analysts gave it a “strong buy,” six gave it a “buy,” and three gave it a “hold.”
Bunker Fuel Prices Rose in Week 14
On April 6, 2017, the average bunker fuel price was ~$347 per ton compared to $332 per ton in the previous week.
The crude tanker industry and its performance
Energy transport is driven by global economic growth and dislocation of consumption and production, reflected in cyclical freight rates that vary according to vessel supply and demand.
India oil imports rise with falling prices
India’s overall imports for the month of November totaled 3.86 million barrels per day (or bpd), a growth of about 6.8% from a year ago.
Effect of product supplied on crude tankers
With product supplied rising on a year-over-year comparison, crude tanker companies are likely to be in the positive.
Newbuild prices record marginal change
Newbuild VLCC (very large crude carrier) prices for the month of November 2014 decreased to $97.7 million compared to $98.1 million in October 2014.