Strong product tanker rates pulling chemical tankers into the fold has made Fearnley Securities a believer in Odjfell.
The Oslo-headquartered bank initiated coverage of the chemical tanker owner on Monday with a target price of NOK 140 ($13.24).
“Product tanker market strength has pulled swing tonnage out of the chemical trade, leading to a firming of day rates,” Fearnley analysts Oystein Vaagen, Ulrik Mannhart and Fredrik Dybwad said in a note.
