Shares in New York-listed product tanker owners plummeted last week due in part to increasing optimism of an end to the war in Ukraine and a return of Russian exports to Europe, according to equity analysts.
As Ardmore Shipping fell 7% on Thursday, Evercore ISI analyst Jonathan Chappell wrote in a note: “With talk of peace in Ukraine building momentum in the last 24 hours, fears regarding an unwinding of the massive benefit to product tanker tonne-mile demand from this conflict are escalating.”
