Fearnley Securities has downgraded leading tanker owners as it said the chances of improved rates have "gone for the summer".
The Norwegian investment bank sees a challenging market in the short-term for both crude and product carriers.
The firm, part of the Astrup Fearnley Group, has downgraded the whole sector to either hold or sell, from buy ratings previously.
Fearnley has recommended investors sell down positions in Frontline, International Seaways, Hunter Group, Ardmore Shipping and Scorpio Tankers.
