Recent Developments for Navios Maritime Midstream Partners
In October, NAP amended its existing management agreement with Navios Tankers Management. It extended the fleet’s fixed-fee period for commercial and technical management services.
China Had the 2nd-Highest Crude Oil Imports in August
August was the first time in 22 months that China has recorded a YoY increase in imports. Crude oil imports for China are now at a record high.
Analysts’ Recommendations for Crude Tanker Stocks
In Week 28, analysts made no target price revisions or recommendation changes for crude tanker companies.
Oil Supply and Refinery Margins Concern Crude Tankers
Refinery margins have fallen throughout most of the world. US Gulf refinery margins for WTI crude lost more than $2 compared to last month’s level.
Week 10: After Last Week’s Dip, Time Charter Rates Stabilize
VLCC time charter rates were almost constant in week ten of 2016. Otherwise, there hasn’t been a significant move in time charter rates in last few weeks.
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.
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.
Analysts Recommend a ‘Hold’ on Navios Maritime Midstream Partners
The consensus 12-month target price for Navios Maritime Partners is $4.83, which implies a potential upside of 40.82% from its market price on July 12.
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.
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.
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 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.
How the OPEC Production Cut Turned Out for Crude Tankers
Crude oil production has gradually fallen since the beginning of 2016, especially on the non-OPEC (Organization of the Petroleum Exporting Countries) side.
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.
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.
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.
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.
Euronav’s Cash Return Policies to Shareholders
In September 2015, Euronav distributed an interim dividend of $0.62 per share. Euronav has stated that it is committed to distributing 80% of net income.
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.
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.
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 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.
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.
Understanding China’s Rising Auto Sales in November 2016
China’s (FXI) auto sales rose to ~2.9 million in November 2016 from ~2.7 million in October.
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.
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.
Nordic American Tankers’ Increased Ownership in NAO
On November 12, Nordic American Tankers announced that it will purchase more shares in Nordic American Offshore. This will increase its ownership.
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.
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.
Saudi Arabian Oil Production and Demand Increase
In June 2015, Saudi Arabian oil production hit a record high of 10.57 mbpd, the highest in the last three decades. In July, oil production fell to 10.36 mbpd, but it was still 4% higher than the same period last year.
Frontline: What Do Analysts Expect in 1Q18?
The consensus 12-month target price for Frontline is $5.02, which implies a potential upside of 3.7% from the market price on April 19.
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.
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.
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.
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.
How Oil Prices Have Been a Boost for the Crude Tanker Industry
The biggest cost to run a ship is bunker fuel. Low oil prices benefit shipping companies a great deal, as lower costs can increase the bottom line substantially.
Tanker Rates Exhibit a Counter-Seasonal Trend
For June, the Baltic Dirty Tanker Index recorded 43% growth on a YoY basis. It was at 1,025. Normally, the tanker rates slowdown in the second quarter.
Evercore Downgraded DHT and Revised Companies’ Target Prices
In week 30, the week ending July 27, Evercore downgraded one crude tanker company and revised other companies’ target prices.
Bunker Fuel Prices and Crude Oil Prices Fell in Week 30
For the week ending July 27, oil prices rose 2%. Oil prices were supported by EIA’s (U.S. Energy Information Administration) weekly report.
VLCC Rates Rose, Suezmax Rates Fell in Week 30
According to Weber’s report, the Suezmax rates on the West Africa-UK route fell from $7,184 to $6,451 per day on July 20–27.
Navios Maritime Midstream Partners: Q2 2018 Highlights
Navios Maritime Midstream Partners (NAP) released its second-quarter results today. The company earned revenue of $20.8 million.
Morgan Stanley Revised NAT and DHT’s Target Prices
On July 17, Morgan Stanley raised Nordic American Tankers’ (NAT) target price to $2.5 from $2.25.
Where Did Bunker Fuel Prices Head in Week 29?
On July 12–19, bunker fuel’s average price fell to $478.5 per ton from $504 per ton. The bunker fuel prices at Rotterdam fell to $416 per ton.
VLCC and Suezmax Rates Rose in Week 29
According to Weber’s weekly report, the VLCC (very large crude carrier) demand was stronger in week 29, which led to a rebound in VLCC rates.
A Look at Bunker Fuel Prices Last Week
Between July and July 12, bunker fuel’s average price fell to $504 from $505.25 per ton.
VLCC and Suezmax Rates Fall
According to Charles R. Weber’s weekly report, VLCC (very large crude carrier) demand across all key global markets was muted last week, softening rates.
Tsakos Energy Navigation: Analysts’ Views before Q2 2018 Results
The consensus 12-month target price for Tsakos Energy Navigation is $5.05, which implies a potential upside of 44.7% from its market price on July 12.
Analysts’ Estimates before Euronav’s Q2 2018 Results
The consensus 12-month target price for Euronav is $10.89, which implies a potential upside of 22.36% from its market price on July 12.
Week 26: Analysts’ Ratings for Crude Tanker Companies
In week 26, which ended on June 29, none of the analysts revised their recommendations or target prices for crude tanker companies.
Week 26: Crude Tanker Industry Update
In week 26, which ended on June 29, the BDTI fell from 754 to 712. In week 25, the index dropped by one point.
NAT, EURN, TNK: Which One Do Analysts Like the Most?
Analysts’ consensus rating for Nordic American Tankers (NAT) is 3.33, which means a “hold.”
Euronav Takes Fourth Place among Crude Tanker Stocks This Year
Euronav’s (EURN) YTD (year-to-date) returns were -1% as of June 28.
DHT Holdings Is the Top Crude Tanker Stock So Far This Year
DHT Holdings’ YTD returns stood at 30.6% as of June 28. The stock is the best performer among its peers so far this year.
Analysts’ Forecast for Crude Tanker Companies’ Q2 Earnings
Previously, we discussed analysts’ recommendations for crude tanker stocks. Let’s now compare analysts’ revenue and EBITDA estimates for these companies in Q2 2018.
These Crude Tanker Companies Had Positive Free Cash Flow in Q1
Previously, we discussed crude tanker companies’ EBITDA. In this article, we’ll discuss their FCF (free cash flow).
Comparing Euronav’s, Frontline’s, and Teekay Tankers’ Earnings
Previously, we compared five crude tanker companies’ Q1 2018 revenue. In this article, we’ll look at their Q1 2018 EBITDA.
A Look at Crude Tanker Companies’ Q1 Revenue
In this article, we’ll compare five crude tanker companies’ Q1 2018 revenue.
Comparing Crude Tanker Companies’ Time Charter Equivalent Rates
In this series, we’ll compare crude tanker companies’ performance and their outlook for future quarters.
Crude Tankers: Wells Fargo’s Revised Recommendations
On June 18, Wells Fargo upgraded DHT Holdings (DHT), Frontline (FRO), and Teekay Tankers (TNK) to “outperform.”
Suezmax and VLCC Rates Rose in Week 25
The VLCC fixture tally in the Middle East market was 28 in week 25—a weekly gain of one. In the West Africa market, the VLCC fixture tally was seven.
Why China Remains So Important for the Crude Tanker Industry
China, which has the second-largest economy in the world, also has a significant impact on the crude oil tanker industry.
Euronav’s Updates in Week 24
On June 15, Euronav sold six VLCCs (very large crude carriers) to Seaways. The company sold six vessels for a consideration of $434 million.
Evercore Revised Tsakos Energy Navigation’s Target Price
On June 15, Evercore reduced the target price for Tsakos Energy Navigation to $5 from $6 and maintained an “outperform” rating.
Why Nordic American Tankers Stock Jumped 21% Yesterday
Shares of Nordic American Tankers (NAT) closed at $2.62 on June 18—21.3% higher than the previous day’s closing price.
Gener8 Maritime Partners: Analysts Recommend a ‘Buy’
The consensus 12-month target price for Gener8 Maritime Partners is $6.8—a potential upside of 10.4% from the market price of $6.16 on May 25.
Tsakos Energy Navigation: No ‘Sell’ Ratings for 2 Years
According to Reuters, the consensus rating for Tsakos Energy Navigation is two, which means a “buy.”
NAP: Analysts’ Recommendations for May
Navios Maritime Midstream Partners earned revenues of $19.8 million in the first quarter—6.3% lower than the previous year.
DHT Holdings: Analysts Recommend a ‘Buy’
According to Reuters, the consensus rating for DHT Holdings (DHT) is 2.21, which means a “buy.”
Frontline: Analysts’ First-Quarter Estimates
According to Reuters, the consensus rating for Frontline (FRO) is 3.33, which means a “hold.”
Analyst Recommendations for Tsakos Energy Navigation before Q1
Tsakos Energy Navigation (TNP) is expected to release its first-quarter results on June 15. The stock has fallen 5.6% YTD as of May 30.
Where Are Bunker Fuel Prices Headed?
On May 24, the average bunker fuel price was $512.25 per ton compared to $509.25 per ton on May 17.
DNB Market Raised Frontline’s Target Price
On May 29, DNB Market raised the target price for Frontline to 60 Norwegian kroner from 40 Norwegian kroner.
Analysts Expect Frontline’s First-Quarter Revenue to Fall 30%
Analysts estimate net revenues of $85.2 million for Frontline (FRO) in the first quarter. A sequential fall from $178.5 million in the previous quarter.
Week 20: Aframax Rates Are Higher than VLCC Rates
In week 20, the VLCC rates for the route from the Arabian Gulf to China rose to $8,526 per day on May 18 from $7,360 per day on May 11.
VLCC Rates below $10,000 for the Third Consecutive Week
According to Weber’s weekly report, VLCC (very large crude carrier) rates lacked a clear direction in week 17 with positive and negative pressure.
Updates on the Euronav and Gener8 Maritime Merger
Euronav (EURN) and Gener8 Maritime Partners’ (GNRT) merger should close towards the end of 2Q18—subject to Gener8 shareholders’ vote.
VLCC Rates Dropped below $10,000 per Day
According to Weber’s weekly report, VLCC demand was slower than expected last week.
VLCC, Suezmax, and Aframax Rates Dropped in Week 14
VLCC rates for the route from the Arabian Gulf to China fell to $14,531 per day on April 6, 2018, from $15,949 per day on March 29.
Analysts’ Recommendations: Top 2 Crude Tanker Stocks
DHT Holdings has the best YTD return as of April 5, 2018, among its peers. Analysts’ consensus rating for DHT Holdings (DHT) is 2.25.
Analysts’ Recommendations for Crude Tankers: A Comparison
Now that we’ve compared crude tanker companies’ 4Q17 performances, let’s discuss analysts’ recommendations.
Which Crude Tanker Company Earned the Highest TCE in 4Q17?
In this article, we’ll compare the TCE (time charter equivalent) rates these crude tanker companies achieved in 4Q17.
JPMorgan Chase: Revisions for TNP and EURN
On March 23, 2018, JPMorgan Chase reduced Tsakos Energy Navigation’s (TNP) target price to $5 from $5.5.
Analyzing Bunker Fuel Prices in Week 12
On March 22, 2018, the average bunker fuel price was $423 per ton—compared to $413 per ton on March 15.
Analysts’ Recommendations for Crude Tanker Companies
In week 11, the week ending March 16, 2018, none of the analysts revised their recommendations or target prices for crude tanker companies.
Where Did Bunker Fuel Prices Head in Week 11?
On March 15, 2018, the average bunker fuel price was $413 per ton—compared to $411 per ton on March 8.
VLCC and Suezmax Rates Fell in Week 11
In the Middle East market, 21 VLCC fixtures were recorded in week 11—the week ending March 16, 2018.
Week 10: Where Are Crude Tanker Rates Heading?
Suezmax rates on the route from West Africa to the United Kingdom dropped from $13,860 per day on March 2 to $10,553 per day on March 9, 2018.
Week 10: UBS Revised Tsakos Energy Navigation’s Target Price
In week 10, the week ending March 9, 2018, one analyst revised Tsakos Energy Navigation’s (TNP) target price.