Tanker Craziness Continues As Product Carriers Hit Record High
The world's oil spigot cannot be turned off fast enough, and petroleum no one needs is now pouring into tanker cargo holds like rainwater into buckets under a leaky roof. Plunging oil demand has precipitated surging tanker demand. As the saying goes, "One man's misfortune is another man's fortune." Shares of crude-tanker owners Nordic American Tankers Limited (NYSE: NAT ) were up 20% as of midday Monday, with Frontline, Ltd. (NYSE: FRO ) up 10%, DHT Holdings, Inc. (NYSE: DHT ) 9% and Euronav NV (NYSE: EURN ) 7%. Shares of product-carrier owners Ardmore Shipping Corporation (NYSE: ASC ) and Scorpio Tankers, Inc. (NYSE: STNG ) were up 11% and 6%, respectively. In the mixed-fleet category, Tsakos Energy Navigation Limited (NYSE: TNP ) was up 15%, Navios Maritime Acquisitions Corporation (NYSE: NNA ) 12%, Teekay Tankers Limited (NYSE: TNK ) and Teekay Corporation (NYSE: TK ) 10%, Diamond S Shipping Inc. (NYSE: DSSI ) 9%, and International Seaways, Inc. (NYSE: INSW ) 7%. Product tanker bonanza Long Range 2 (LR2) product tankers, which have capacity of 80,000-119,999 deadweight tons (DWT), are earning an unprecedented $165,000 per day, according to Clarksons Platou Securities.
Tanker Craziness Continues As Product Carriers Hit Record High
The world's oil spigot cannot be turned off fast enough, and petroleum no one needs is now pouring into tanker cargo holds like rainwater into buckets under a leaky roof. Plunging oil demand has precipitated surging tanker demand. As the saying goes, "One man's misfortune is another man's fortune." Shares of crude-tanker owners Nordic American Tankers Limited (NYSE: NAT ) were up 20% as of midday Monday, with Frontline, Ltd. (NYSE: FRO ) up 10%, DHT Holdings, Inc. (NYSE: DHT ) 9% and Euronav NV (NYSE: EURN ) 7%. Shares of product-carrier owners Ardmore Shipping Corporation (NYSE: ASC ) and Scorpio Tankers, Inc. (NYSE: STNG ) were up 11% and 6%, respectively. In the mixed-fleet category, Tsakos Energy Navigation Limited (NYSE: TNP ) was up 15%, Navios Maritime Acquisitions Corporation (NYSE: NNA ) 12%, Teekay Tankers Limited (NYSE: TNK ) and Teekay Corporation (NYSE: TK ) 10%, Diamond S Shipping Inc. (NYSE: DSSI ) 9%, and International Seaways, Inc. (NYSE: INSW ) 7%. Product tanker bonanza Long Range 2 (LR2) product tankers, which have capacity of 80,000-119,999 deadweight tons (DWT), are earning an unprecedented $165,000 per day, according to Clarksons Platou Securities.