Shipping equities have detached from changes in rates, Evercore analyst Jonathan Chappell said on Monday.
He said that shares of VLCC owners such as Frontline and Euronav have dipped, but not as deeply as tanker rates have in recent months, while the rally in bulker rates has failed to carry their owners with them.
"There is a long-held view in the shipping investment world that equity prices have a near-perfect correlation with changes in underlying spot rates," Chappell wrote.
