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