Teekay 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 PMI in June Impacts the Crude Tanker Industry
China released its June PMI on July 1. In June, China’s manufacturing PMI was 51.5. The PMI fell 0.4% from the previous month.
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.
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.
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.
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.”
What Analysts Recommend for the Top Two Crude Tanker Stocks
DHT Holdings (DHT) was the best-performing stock among peers on a YTD basis.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
JPMorgan Chase Upgraded Navios Maritime Midstream Partners
On April 20, JPMorgan Chase upgraded Navios Maritime Midstream Partners (NAP) by two notches to “overweight” from “underweight.”
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.
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.
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.
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.
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: Evercore Revised Frontline’s Target Price
In week 9 of 2018, one analyst revised Frontline’s (FRO) target price. On March 1, Evercore reduced Frontline’s target price to $3.5 from $4.
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.
Week 8: Evercore Revised Frontline’s Target Price
In week 8, the week ending February 23, 2018, one analyst revised the target price for Frontline (FRO).
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.
How Navios Maritime Midstream Partners’ Revenues Trended in 4Q17
Navios Maritime Midstream Partners’ (NAP) 4Q17 revenue of $22.7 million fell $0.1 million from the $22.8 million revenue recorded in 4Q16.
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.”
Navios Maritime Midstream Partners’ Revenue Could Fall 7%
Analysts expect revenues of $21.18 million for Navios Maritime Midstream Partners in 4Q17—compared to $20.7 million in the previous quarter.
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.
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.
Analyzing China’s December Auto Sales Data
In December 2017, China’s auto sales rose 0.1% YoY (year-over-year) to 3.1 million. China’s automobile sales have been rebounding since June.
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.
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.
Crude Tankers: Analysts’ Recommendations Heading into 2018
Crude tanker rates increased slightly in the fourth quarter. The rates were supported by refineries returning from seasonal maintenance.
Week 51: Crude and Bunker Fuel Prices
According to EIA data, US crude inventories fell for the fifth consecutive week—down by 6.5 MMbbls for the week ending December 15, 2017.
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.