Seaport Global Securities knocked down estimates of third-quarter earnings for crude and products tanker companies as rates during the period hovered near two-year lows.
Shipping analyst Magnus Fyhr said the regular seasonal slowdown in tanker markets during August and September was exacerbated by reduced crude exports out of Nigeria, refinery outages and inventory drawdowns.
“Consequently, crude and product tanker spot rates have remained depressed for most of the quarter, with VLCC rates averaging $25,000 per day, 15% below our $30,000 per day estimate, while MR rates are averaging around $12,500 per day, 5% below our $13,000 per day,” Fyhr writes.
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