Trafigura's back-to-back blockbuster ship sales suggest it's betting on product tankers while cleaning up its balance sheet.
In deals with Scorpio Tankers and Frontline, the Swiss commodities trader swapped ships for cash and equity, opening up major positions in both tanker owners with the IMO 2020 emissions regulations expected to kickstart a rally in the sector any day now.
"I think they see the bullish [prospects for] the tanker market over the next couple of years," said Jefferies analyst Randy Giveans.
