Expectation of a fourth quarter inflection point in the crude tanker market and a fresh super-cycle for eco vessels in 2020 have spurred Fearnley Securities to upgrade the sector.
Analysts Espen Landmark Fjermestad Peder Nicolai Jarlsby raised their rating from neutral to buy and suggested new VLCC asset values could move back above $100m as rates recover.
The Norwegian finance house, which has taken up coverage of International Seaways and newcomer Okeanis ECO Tankers with a buy tag, has raised its tanker rate forecasts for both 2019 and introduced its expectations for 2020.
