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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.
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.
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.
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.
Week 28: Crude Tanker Industry Update
In this series, we’ll look at crude tanker rates in Week 28, bunker fuel prices, and analysts’ recommendations for crude tanker stocks.
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.
What Analysts Recommend for Frontline before Its Q2 2018 Results
According to Reuters, the consensus rating for Frontline (FRO) is 3, which means a “hold.”
Analysts’ Views on Crude Tanker Companies before Q2 2018 Results
H1 2018 was one of the slowest periods for the crude tanker industry, as crude tanker rates and utilization rates fell to record low levels.
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.
Bunker Fuel Prices Rose 5% in Week 26
According to Gibson’s report for week 26, the bunker fuel prices at Rotterdam were $443 per ton on June 28—compared to $413 per ton on June 21.
Crude Tanker Rates Fell in Week 26
The VLCC rates for the route from the Arabian Gulf to China dropped to $15,966 per day on June 29 from $20,499 per day on June 22.
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.
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.
What Analysts Recommend for Crude Tanker Stocks
Now that we’ve compared crude tanker companies’ Q1 2018 performance, let’s discuss analysts’ recommendations.
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.
Week 25: Average Bunker Fuel Prices Fell
According to Gibson’s report for week 25, the bunker fuel prices at Rotterdam were $413 per ton on June 21—compared to $424 per ton on June 14.
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: Nordic American Tankers Rose 38%
Most of the crude tanker stocks rose in week 25—the week ending June 22. Nordic American Tankers (NAT) rose 38.4%.
China’s Auto Sales Rose 9.6%: Impact on Crude Tanker Stocks
In May, China’s automobile sales rose 9.6% YoY (year-over-year) to 2.29 million. In April, vehicle sales rose 11.5%, and in March sales rose 4.7%.
China’s Manufacturing Sector and the Crude Tanker Industry in May
In May, China’s manufacturing PMI was 51.9. The PMI rose from 51.4 in April, which indicates that China’s manufacturing sector expanded at a faster pace.
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.
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.
Analyzing Bunker Fuel Prices in Week 24
According to Gibson’s report for week 24, the bunker fuel prices at Rotterdam were $424 per ton on June 14—compared to $432 per ton on June 7.
Where Did Crude Tanker Rates Head in Week 24?
According to Weber’s weekly report, the Suezmax rates in the West African market observed a modest rebound in week 24.
Week 24: Crude Tanker Index Rose, Tanker Stocks Fell
In week 24, which ended on June 15, the BDTI rose from 734 to 746. The index has risen ~6.6% since the beginning of the year.
Bunker Fuel Prices Fell in Week 22
According to Gibson’s report for week 22, the bunker fuel prices at Rotterdam were $423 per ton on May 31—compared to $441 per ton on May 24.
Did Crude Tanker Rates Rise in Week 22?
The VLCC rates for the route from the Arabian Gulf to China rose to $13,894 per day on June 1 from $13,426 per day on May 25.
Week 22: Crude Tanker Index Fell, Stocks Rose
In week 22, which ended on June 1, the BDTI dropped from 781 to 754. In week 21, the index rose by 67 points.
Tsakos Energy Navigation: Earnings Estimate for the First Quarter
Wall Street analysts expect net revenue of $100.8 million for Tsakos Energy Navigation (TNP) in the first quarter.
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.
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.”
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.”
Euronav: 80% of the Analysts Are Bullish
Out of the ten analysts that gave recommendations on Euronav, 80% of the analysts are bullish on the stock.
Analyst Ratings on Crude Tankers Were Unchanged in Week 21
In Week 21, none of the analysts revised target prices or recommendations for crude tanker companies.
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.
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.
Evercore Revised Teekay Tankers’ Target Price in Week 20
On May 17, Evercore reduced Teekay Tankers’ (TNK) target price to $2 from $2.5. In week 18 and week 19, none of the analysts revised their target prices.
Week 20: Where Did Bunker Fuel Prices Head?
According to Gibson’s report for week 20, the bunker fuel prices at Rotterdam were $442.0 per ton on May 17—compared to $416.0 per ton on May 11.
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.
Crude Tanker Index Rose by 57 Points in Week 20
In week 20, which ended on May 18, the BDTI rose from 657 to 714. In week 19, the index rose by seven points.
China’s Manufacturing Performance in April
In April 2018, China’s manufacturing PMI was 51.4. In March, it was 51.5.
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.
Week 19: VLCC Rates Drop below $10,000
The Aframax rate on the Caribbean route rose from $6,730 per day on May 4 to $7,502 per day on May 11.
Week 18: Analysts’ Recommendations for Crude Tanker Stocks
In week 18, none of the analysts revised their recommendations or target prices for crude tanker companies.
Week 18: Where Are Bunker Fuel Prices Heading?
According to Gibson’s report for week 18, bunker fuel prices at Rotterdam were $398 per ton on May 3—compared to $389 per ton on April 26.
Week 18: Average VLCC Rates Rose above $10,000
In the Middle East market, VLCC fixture activity was 22 in week 18 (week ending May 4)—compared to 28 fixtures the previous week.
DHT Holdings: Analysts’ Recommendations in May
For DHT Holdings, two analysts recommended a “strong buy,” seven recommended a “buy,” and five recommended a “hold.”
Analysts’ Expectations for DHT Holdings’ 1Q18 Earnings
Analysts estimate a fall in DHT Holdings’ revenue compared to 4Q17 and 1Q17. Analysts also expect the EBITDA to fall.
DHT Holdings: 1Q18 Revenue Is Expected to Drop
DHT Holdings’ revenue estimate for 1Q18 is $48.5 million—31% lower than its revenue in 1Q17.
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.
Where Did Bunker Fuel Prices Head in Week 17?
According to Gibson’s report for week 17, bunker fuel prices at Rotterdam were $389 per ton on April 27—compared to $388 per ton on April 19.
Week 17: Target Price Revisions
In week 17, Wells Fargo reduced Tsakos Energy Navigation’s target price to $4 from $4.25. Citigroup reduced Euronav’s target price to $10 from $10.5.
Week 17: Crude Tanker Industry Update
In week 17, which ended on April 27, the BDTI rose from 637 to 655. In week 16, the index fell by 3 points.
Citigroup Reduced Euronav’s Target Price after Its 1Q18 Results
While ten analysts gave recommendations on Euronav, two recommended a “strong buy,” six recommended a “buy,” and two recommended a “hold.”
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.
Euronav’s Financial Position after Its 1Q18 Results
As of March 31, Euronav had total bank loans of $715 million—$664 million was a long-term loan and the remainder was a short-term loan.
Euronav’s Costs and Earnings in 1Q18
Euronav’s vessel operating expenses accounted for ~28% of its total operating expenses, while voyage expenses accounted for 15% of its expenses.
Analyzing Euronav’s Revenues in 1Q18
Euronav (EURN) recorded revenues of $98.13 million in 1Q18—compared to $117.9 million in 4Q17.
Tsakos Energy Navigation Has a ‘Buy’ Rating
The consensus 12-month target price for Tsakos Energy Navigation is $5.38, which implies a potential upside of 52.2% from the market price on April 19.
Crude Tanker Stocks: Analysts’ 1Q18 Estimates
Most of the crude tanker stock prices have fallen since the beginning of 2018. Only DHT Holdings and Frontline traded in the green.
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.”
Did Bunker Fuel Prices Rise in Week 16?
On April 19, the average bunker fuel price was $454.5 per ton—compared to $446.5 per ton on April 12.
Week 16: VLCC Rates Rose, Still below $10,000
According to Weber’s weekly report, the demand in the VLCC (very large crude carrier) market was strong in week 16—the week ending April 20.
Week 16: Crude Tanker Industry Update
Navios Maritime Midstream Partners, which received a double upgrade from JPMorgan Chase, was the best performer among its peers last week.
How Did Bunker Fuel Prices Move in Week 15?
On April 12, 2018, the average bunker fuel price was $446.5 per ton compared to $427.5 per ton on April 5.
VLCC Rates Dropped below $10,000 per Day
According to Weber’s weekly report, VLCC demand was slower than expected last week.
What Analysts Recommend for Crude Tankers
None of the crude tanker companies saw target price revisions from analysts in week 14 or week 13 of 2018.
How Bunker Fuel Prices Moved Last Week
On April 5, 2018, the average bunker fuel price was $427.5 per ton compared to $423 per ton on March 22.
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 for FRO, EURN, and TNP
For Euronav, 75% of the analysts recommended a “buy,” 25% recommended a “hold,” and none of the analysts recommended a “sell” as of April 5, 2018.
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.
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.
Analysts’ Estimates for Crude Tanker Companies’ 1Q18 Earnings
Let’s compare analysts’ estimates for these five crude tanker companies’ revenues and EBITDAs (earnings before interest, tax, depreciation, and amortization) in 1Q18.
Comparing Crude Tanker Companies’ 4Q17 Revenue Performances
In this article, we’ll do a comparative analysis of five crude tanker companies’ 4Q17 revenue performances.
Comparing Crude Tanker Companies’ 4Q17 Results
In this series, we’ll explore the highlights of major crude tanker companies’ 4Q17 results.
Navios Maritime Midstream Partners Fell 37% on March 26
Investors probably aren’t happy with Navios Maritime Midstream Partners’ new dividend policy. The stock dropped to a 52-week low on March 26.
JPMorgan Chase Downgraded NAP and Upgraded DHT
On March 23, 2018, JPMorgan Chase downgraded Navios Maritime Midstream Partners (NAP) to “underweight” from “neutral.”
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: Suezmax Rates Fell below $5,000
According to Weber’s weekly report, VLCC rates rose in week 12. Owners’ confidence was boosted by strong demand in the Middle East and Atlantic regions.
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.
China’s February Auto Sales—The Impact on the Crude Tanker Industry
In February 2018, China’s auto sales fell 11.1% year-over-year to ~1.7 million. This fall ended an eight-month uptrend.
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 February Trade Data Disappoints Crude Tanker Investors
China’s February exports rose 44.5% year-over-year. These exports grew at the fastest pace in the last three years.
China’s February Data and Its Impact on the Crude Tanker Industry
In this series, we’ll see how China’s crude oil imports fared in February. We’ll also gauge China’s oil demand.
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.