Tanker stocks are cheap.
An investor sell-off during a seasonally weak third quarter for rates has the average tanker owner under coverage of investment bank Jefferies trading at just 79% of net asset value, down from the peak of 102% in a better May market.
Besides rates in the current quarter that analyst Omar Nokta describes as “unexciting…but still healthy”, investors seem to be baulking at uncertainty over demand, refinery runs, political elections and decisions by the Opec+ cartel.
