Fearnley Securities is the latest bank to turn negative on car carriers, even as the sector’s biggest names argue they cashed in on recent contract renewals.
Analysts at the Norwegian bank said sluggish car sales and a rising orderbook would push automakers to renegotiate recent deals made at sky-high rates, prompting a downgrade to sell.
“We lower our volume and rate forecasts on the back of increased risks on contract volumes, which may prompt renegotiations on rates,” they said.
