Tsakos Energy Navigation Ltd
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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.
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.
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.
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.
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.
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.
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.
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.”
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.
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.
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.
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.
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.
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.
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 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: 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.
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 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).
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.
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.
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.
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.
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.
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.
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.
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.
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).
Analysts’ Recommendations for NAP, DHT, and TNP
Analysts’ consensus target price is $9.5 as of December 19. NAP is trading at $9.21, which implies a 3.1% return in the next 12 months at the current price.
Top 2 Crude Tanker Stocks: Analysts’ Recommendations
Euronav was the best performing stock in 2017 among its peers. Analysts’ consensus rating for Euronav (EURN) is 2.17, which means a “buy.”
Gener8 Maritime Partners: Second-Best Performing Stock
Gener8 Maritime Partners (GNRT) YTD (year-to-date) returns were -0.89% as of December 18, 2017. It was the second-best performer among its peers in 2017.
Euronav: Best Performing Stock in 2017 among Crude Tankers
Euronav’s (EURN) YTD (year-to-date) returns were 3.7% as of December 18, 2017. It was the best performer among its peers in 2017.
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.
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.
China’s Crude Oil Imports Are at Record Levels
In November, China’s crude imports rose to the second-highest level on record. In November, China’s crude oil imports were 37.04 million tons.
China’s November Data Impact the Crude Tanker Industry
China (FXI) released key economic data for November 2017—import and export data, auto sales data, and the manufacturing index.
Week 49: Deutsche Bank Revised Frontline’s Target Price
In week 49, which ended on December 8, one analyst revised its target price for Frontline. Deutsche Bank raised Frontline’s target price to $5 from $3.
Tsakos Energy Navigation’s Dividend and Cash Position in 3Q17
Tsakos Energy Navigation’s (TNP) operating cash flow for 3Q17 was $28.6 million—compared to $58.4 million in the previous quarter.
Tsakos Energy Navigation Completes Its Newbuild Program
Currently, Tsakos Energy Navigation has 51 vessels on a time charter contract out of its 65 vessels. The current time charter tenure is 2.5 years.
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.
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.
Frontline’s Current Fleet and Newbuild Updates
Frontline had 61 vessels in its fleet on September 30. The 61 vessels include 22 VLCCs, 18 Suezmax tankers, 20 LR2/Aframax tankers, and one MR vessel.
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.”
What to Expect from Tsakos Energy Navigation’s 3Q17 Results
Tsakos Energy Navigation stock reached a 52-week low of $4.06 on November 16, 2017. The company’s stock has fallen 9.6% as of September 27, 2017.
China’s Auto Sales in October Helped the Crude Tanker Industry
In October 2017, China’s automobile sales rose 2% YoY (year-over-year) to 2.7 million. China’s automobile sales have been rebounding since June.
China’s Manufacturing Sector Slowed Down
In October 2017, China’s manufacturing PMI was 51.6, which was higher than Reuters’ forecast of 52. The PMI fell from 52.4 in September.
China’s Crude Oil Imports: Lowest in the Last 13 Months
In October, China’s crude imports fell to the lowest level in the last 13 months. In October, China’s crude oil imports were 31.03 million tons.
Will China’s Crude Stocking Activity Fall in 2018?
According to Drewry’s shipping analyst, China’s stocking activity will fall to 0.25 Mbpd in 2018 from an average of 0.75 Mbpd in 2017.
Week 46: Where Did VLCC and Suezmax Rates Head?
According to Weber’s week 46 report, VLCC rates largely remained range bound. In week 46, 16 VLCC fixtures were recorded in the Middle East market.
A Look at Teekay Tankers’ 3Q17 Cost Side
Teekay Tankers’ (TNK) central cash costs include voyage expenses and vessel operating expenses.
Teekay Tankers Highlights Positive Industry Developments
In its third quarter conference call, Teekay Tankers (TNK) gave insights on the tanker market, how it fared in the third quarter, and the outlook for the coming quarters.
Week 45: Crude Tanker Industry Update
In week 45, which ended on November 10, 2017, the BDTI fell to 803 from 843. In week 44, it fell by 71 points.
Nordic American Tankers Was Weaker in 3Q17
Nordic American Tankers (NAT) reported revenues of $23.6 million—10.8% lower than Reuters’ estimate. Its EBITDA was 168% lower than the estimate.
Key Highlights from Euronav’s Balance Sheet
In 3Q17, Euronav repaid all its outstanding debt and associated liabilities, which amounted to $30.2 million on FSO (floating storage and offloading) joint ventures.