Cleaves Securities is sticking to its pessimistic view of the tanker market despite stellar results from big owners this week.
Belgian giant Euronav was the latest crude carrier player to reveal its bumper first quarter earnings earlier on Thursday, posting net profit of $226m.
"Euronav delivered an incredible result, above expectations and even better than DHT earlier this week," Cleaves head of research Joakim Hannisdahl said.
