Nordic American Tankers Ltd
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.
How Did the Crude Tanker Industry Fare in Week 30?
In week 30, the week ending July 27, the BDTI rose to 759 from 723. The BDTI has risen ~8.4% in 2018.
China’s June Data Impact the Crude Tanker Industry
China (FXI) released its key economic data for June—import and export data, auto sales data, and the manufacturing index.
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.
Analysts’ Recommendations for Crude Tanker Stocks
In Week 28, analysts made no target price revisions or recommendation changes for crude tanker companies.
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 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.
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.
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.
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.”
What Analysts Recommend for the Top Two Crude Tanker Stocks
DHT Holdings (DHT) was the best-performing stock among peers on a YTD basis.
Euronav Takes Fourth Place among Crude Tanker Stocks This Year
Euronav’s (EURN) YTD (year-to-date) returns were -1% as of June 28.
NAT Is the Third Best Crude Tanker Stock Performer
Nordic American Tankers’ (NAT) YTD (year-to-date) returns were 7% 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).
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.
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.
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.
How China’s May Crude Oil Imports Affect Crude Tanker Stocks
In dollar terms, China’s (FXI) exports rose 12.6% YoY (year-over-year) while its imports rose 26% in May.
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.
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.”
Teekay Tankers: Analysts Recommend a ‘Hold’
For Teekay Tankers, one analyst recommended a “strong buy,” two recommended a “buy,” four recommended a “hold,” and one recommended a “sell.”
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.
Analysts Estimate a 65% Fall in Frontline’s First-Quarter EBITDA
Analysts’ EBITDA estimate for Frontline in the first quarter is $33.2 million—a 65% decrease from $97.3 million in the first quarter of 2017.
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.
China’s April Trade Data and the Crude Oil Tanker Industry
China, which has the second-largest economy in the world, has a significant impact on the crude tanker industry.
Trump Withdraws US from Iran Nuclear Deal: Bunker Fuel Prices Up
In week 19, average VLCC (very large crude carrier) rates dropped from the previous week and are again below $10,000.
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.
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.
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.
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.
Which Crude Tanker Stocks Didn’t Make the Top 5?
Nordic American Tankers (NAT) hit a 52-week low of $1.82 on April 3, 2018. The stock has fallen more than 76% in the past year.
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.
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.
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.
Will the Trade War Impact the Crude Tanker Industry?
On March 22, 2018, President Trump announced the imposition of up to $60.0 billion on China’s imports. China plans $3 billion in retaliatory tariffs.
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.
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.
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: Where Bunker Fuel Prices Are Heading
On March 8, 2018, the average bunker fuel price was $411 per ton—compared to $409.5 per ton on March 1.
Week 10: Crude Tanker Industry Overview
In week 10 of 2018, which ended on March 9, the BDTI dropped to 653 from 669. In week 9, the index rose by 23 points.
Tsakos Energy Navigation: Analyst Recommendations before 4Q17
Of the 13 analysts covering Tsakos Energy Navigation, two of them have recommended a “strong buy,” while six have recommended a “buy.”
Analyst Expectations for Tsakos Energy Navigation’s 4Q17 Earnings
Analysts’ EBITDA estimate for 4Q17 is $55.3 million, which would mean a 17.2% rise from $47 million in the previous quarter.
Analysts Expect Tsakos Energy Navigation’s Revenue to Fall 18%
Wall Street analysts expect Tsakos Energy Navigation’s (TNP) net revenue to be $107 million in 4Q17.
Week 9: Where Are Crude Tanker Rates Headed?
The average Aframax rates rose to $12,929 per day on March 2—compared to $9,837 per day on February 23.
Week 9: Crude Tanker Industry Update
In week 9 of 2018, which ended on March 2, the BDTI rose from 646 to 669. In week 8, the index fell by three points.
China’s January Auto Sales Impact the Crude Tanker Industry
The China Association of Automobile Manufacturers predicts 3% auto sales growth in 2018—the same as the growth rate in 2017.
Analyzing China’s January Purchasing Managers’ Index
In January 2018, China’s manufacturing PMI (purchasing managers’ index) was 51.3. The PMI fell from 51.6 in December.
China’s Crude Oil Imports Rose 20% in January
China released its trade data for January. In dollar terms, China’s exports rose 11.1% YoY (year-over-year), while its imports rose 36.9%.
Week 7: Crude Tanker Industry Update
In week 7 of 2018, which ended on February 16, the BDTI rose to 649 from 642. In week 6, the index fell by 16 points.
Where Did Oil Prices and Bunker Fuel Prices Head in Week 5?
On February 1, 2018, the average bunker fuel price was $444 per ton—compared to $445 per ton on January 25.
Week 5: VLCC Demand Lowest in the Past Few Years
VLCC rates for the route from the Arabian Gulf to China dropped from $10,925 per day on January 26 to $8,274 per day on February 2.
Euronav and Gener8 Maritime Partners’ Merger
On December 21, 2017, Euronav (EURN) and Gener8 Maritime Partners (GNRT) announced a stock-for-stock merger.
Analyzing Euronav’s Balance Sheet on December 31
Euronav had a liquidity of $754 million at the end of the fourth quarter. Euronav has been working to strengthen its liquidity position.
Euronav in 4Q17: A Look at Costs and Earnings
Euronav’s vessel operating expenses fell to ~$33.9 million in 4Q17—compared to ~$37.3 million in 4Q16 and $37.9 million in 3Q17.
VLCC, Suezmax, and Aframax Rates Fell Steeply in Week 4 of 2018
According to Weber’s weekly report, VLCC fundamentals weakened considerably in last week. Souring fundamentals pushed the rates down.
Analysts’ Recommendations before NAP’s 4Q17 Results
Four analysts cover Navios Maritime Midstream Partners (NAP). According to Reuters, the consensus rating for the stock is 3.25, which means a “hold.”
Key Updates from the Crude Tanker Industry Last Week
In week three of 2018, which ended on January 19, the BDTI rose from 684 to 705.
J.P. Morgan Revises Target Price for Two Crude Tanker Companies
On January 19, 2018, J.P. Morgan reduced its target price for Euronav to $8 from $9.
Where Are Bunker Fuel Prices Heading?
Last week, Brent crude oil prices touched $70 per barrel on Tuesday following preliminary data published by API that US crude oil inventories fell.
How Crude Tanker Rates Moved Last Week
According to the Weber weekly report, VLCC (very large crude carriers) rates moved broadly higher on the back of narrowing availability of vessels in the Middle East market.
Euronav: Analysts’ Recommendations before Its 4Q17 Results
The average target price for Euronav is $9.9—compared to its current market price of $8.95. It implies a potential upside of 10.6%.
Euronav: Where Do Analysts View Its 4Q17 EBITDA?
Since analysts estimate a rise in Euronav’s revenue compared to 3Q17, they also expect the EBITDA to rise.
Euronav: Analysts Estimate an 18.7% Fall in Its 4Q17 Revenues
Wall Street analysts expect revenues of $118.9 million for Euronav (EURN) in 4Q17—compared to $104.8 million in the previous quarter.
Was China’s December PMI Data Positive for Crude Tankers?
In December 2017, China’s manufacturing PMI (purchasing managers’ index) was 51.6. The PMI fell from 51.8 in October.
China’s Crude Oil Imports Fell fom November’s High
In December, China’s crude oil imports were 33.7 million tons—down from 37.04 million tons in the previous month.
China’s December Trade Data Impact the Crude Tanker Industry
China (FXI) released key economic data for December 2017—import and export data, auto sales data, and the manufacturing index.
Week 2: Analysts’ Ratings for Crude Tanker Stocks
In the week ending January 12, 2018, none of the analysts revised their recommendations on crude (DBO) tanker companies.
Analyzing Bunker Fuel Prices in Week 2
On January 11, 2018, the average bunker fuel price was $437 per ton—compared to $431 per ton on January 4, 2018.
Suezmax and Aframax Rates Fell in Week 2
According to the Gibson report, Suezmax rates on the West Africa to United Kingdom route fell to $6,500 per day on January 11, 2018.
UBS Downgraded Gener8 Maritime Partners
On January 4, 2018, UBS downgraded Gener8 Maritime Partners (GNRT) to “neutral” from “buy” and raised the target price to $6.75 from $6.5.
Crude Tanker Rates: 2018 Hasn’t Started on a Good Note
According to Weber’s report for week 1 of 2018, VLCC rates continued to sour due to the rising level of surplus availability in the Middle East market.
Frontline: Analysts Recommend a ‘Hold’
One analyst gave a “buy” recommendation, four analysts gave a “hold” recommendation, and one analyst gave a “sell” recommendation for Frontline stock.
Euronav: Analysts’ Target Price and Estimates
The consensus rating for Euronav is a “buy.” Out of the 12 analysts that gave recommendations on Euronav, 67% are bullish on the stock.
Week 51: Analysts’ Recommendations for Crude Tanker Companies
None of the analysts revised their recommendations or target prices for crude (DBO) tanker companies in week 51 (week ending December 22, 2017).
Why Gener8 Maritime Partners Rose Steeply Last Week
On December 21, 2017, Euronav confirmed that it will acquire Gener8 Maritime Partners for ~$493 million in an all-stock transaction.
Top 5 Crude Tanker Stocks in 2017 by Market Returns
It hasn’t been a good year for the crude tanker industry. Tanker rates experienced a steep fall this year. VLCC rates have fallen almost 70% year-to-date.
Why Did Nordic American Tankers Fall Last Week?
Nordic American Tankers offered new equity shares below its recent trading price. It was the main reason behind the recent fall in its stock prices.
Is China’s Manufacturing Sector Improving?
In November 2017, China’s manufacturing PMI (purchasing managers’ index) was 51.8. The PMI rose from 51.6 in October.
US Crude Oil Exports to China: Highest in November
China’s crude oil imports from the US were the highest in November. In the past month, almost 289,000 barrels per day of US crude hit China’s shores.