Fearnley Securities cut its recommendation for several product tanker companies on Friday.
The investment bank lowered its estimates for 2024-2026 Ebitda by 16% on average for product tanker stocks.
Fearnleys analyst Fredrik Dybwad said: “We believe product tanker earnings are normalising and facing higher supply than tonne-mile growth, while the VLCCs look more robust through the low orderbook and a promising tonne-mile growth story.
