Tanker stocks gained ground on Wall Street after Wells Fargo upgraded three leading owners amid the belief OPEC production and new emissions laws will boost the market.
Wells Fargo Securities has lifted DHT Holdings, Frontline and Teekay Tankers to outperform from market perform.
"We believe the potential for IMO 2020-driven tonne-mile and floating storage catalysts catalysts could create a thematic bid for the sector, with near-trough level NAVs helping to limit the downside risks," analyst Michael Webber wrote today in a note to clients.
