Seaport Global Securities has cut earnings and valuation estimates across the tanker space but maintained a strong outlook for shares in the sector.
Senior analyst Magnus Fyhr reduced earnings per share (EPS) estimates for 11 tanker owners listed in New York and Oslo, citing worse-than-expected market weakness during the seasonal slump.
Still, he kept a "buy" ratings on nine of the shares, calling out Euronav and Gener8 Maritime as his favourite names in the large tanker sector.
