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Investment Bank Raises its Shareholding Rating for Tanker Owners

CATEGORY:Industry
FROM:E-PORTS
03 / Jul / 2020

According to the shipping network, the investment bank believes that the oil demand is recovering faster than expected, which raises the expectation of oil tanker owners' shareholding.


According to Cleaves Securities, a Norwegian investment bank, that earlier this week the shareholding ratings of listed tanker owners DHT Holdings, Euronav, Hunter Group, International Seaways and Tsakos Energy Navigation has come to hold instead of selling.


The company further explained that the main reason is that the current share price has fallen to the target level.



However, Cleaves still maintains the previous view that 2021 will be the market trough.  According to the recent data, the oil demand is recovering faster, and the oil supply is likely to rebound rapidly, and the impact of inventory reduction may not be considerate.


With the decline of tanker rent, Cleaves adjusted the holding rating of 10 companies from11 tanker owners to be sold on May 21st, and in April, the company once advocated holding tanker stocks.


Then, on June 2nd, another brokerage firm, Fearnley Securities, suggested that investors reduce their holdings of such companies as Frontline, International Seaways, Hunter Group, Ardmore Shipping and Scorpio Tankers.


Clarkson pointed out in Monday's weekly report that the VLCC market was under pressure last week compared with the previous several weeks, and the limited freight volume had a negative impact on the rent level.


According to the data of the Baltic Exchange, the rent level of VLCC last Monday was USD 40,117/day, but on Wednesday, the rent dropped to USD 21,080/day.


What interesting is that the spot market being busier than the previous two or three weeks, and contracts have been reported in the Arabian Gulf and West Africa.


On the other hand, the increase of market capacity caused the rent level of VLCC to drop to 28,000 USD/day. Compared with that when OPEC+ countries reached an agreement to reduce production, this figure seems to be nicer.






投行上调对油轮船东的持股评级


航运界网了解到,投资银行认为石油需求复苏快于预期,并为此上调油轮船东的持股预期。


挪威投资银行Cleaves Securities本周初表示,上市油轮船东DHT HoldingsEuronavHunter GroupInternational SeawaysTsakos Energy Navigation的持股评级从卖出调整转为持有。


这家公司进一步解释道,主要原因在于当前股价已跌至目标水平。


不过,Cleaves仍然维持此前的观点,即2021年将是市场低谷。从最近的数据来看,石油需求复苏更快,石油供应也很有可能快速回升,库存削减的影响也许不会很大。


随着油轮租金下滑,521日,Cleaves11家油轮船东的10家公司的持股评级调整为卖出,而在4月,该公司一度主张持有油轮板块股票。


之后,另一家经纪公司Fearnley Securities 62日建议投资者减持FrontlineInternational SeawaysHunter GroupArdmore ShippingScorpioTankers


克拉克森在本周一的周报中指出,上周VLCC市场较前几周承压,货运量有限给租金水平造成负面影响。


另据波交所的数据,上周一VLCC租金水平为40,117美元/天,而到了周三,租金跌至21,080美元/天。


而有趣的是,即期市场却较前两三周更为繁忙,阿拉伯海湾和西非地区均有合约达成的报告。


另一方面,市场运力增加导致VLCC租金水平跌至28,000美元/天。这一数字,相较于OPEC+国家达成减产协议时出现的情况相比,则似乎是一个更为健康的水平。


其他油轮细分市场同样承受更大压力。苏伊士型油轮和阿芙拉型油轮日收益分别为12,500美元和8,000美元。LR2型油轮和MR型成品油轮的的日收益大约为15,000美元和10,000美元。


储油层面来看,据克拉克森的数据,目前共有89VLCC用于浮式储油,较上一周的87艘略有增加。6月初,这一数字曾低至79艘,5月初顶峰值曾突破百艘至103艘。


克拉克森认为,“鉴于目前缺乏增加库存的动力,我们预计浮式储油和陆上库存将在未来几个月内减少。”



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