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SVTPerformance's Chain of Restaurants
Road Side Pub
WTI crude just hit negative $40 a barrel
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<blockquote data-quote="Weather Man" data-source="post: 16404933" data-attributes="member: 137766"><p><span style="font-size: 22px"><strong>Tanker names extend gains on oil glut, bankruptcies</strong></span></p><p>Apr. 21, 2020 11:22 AM ET|About: <a href="https://seekingalpha.com/symbol/NAT" target="_blank">Nordic American Tankers Lim... (NAT)</a>|By: <a href="https://seekingalpha.com/author/sa-editor-carl-surran" target="_blank">Carl Surran</a>, SA News Editor</p><p></p><p></p><p>Tanker stocks including North American Tankers (<a href="https://seekingalpha.com/symbol/NAT" target="_blank">NAT</a> +11.7%) and Teekay Corp. (<a href="https://seekingalpha.com/symbol/TK" target="_blank">TK</a> +6.9%) continue their climb higher, as the oil supply glut and lack of coordinated efforts to slow the flow of crude have helped fuel one of the strongest-ever crude tanker markets.</p><p></p><p>The shipping spot market "is going to stratospheric levels," Euronav (<a href="https://seekingalpha.com/symbol/EURN" target="_blank">EURN</a> -0.7%) CEO Hugo de Stoop tells Bloomberg. "We think it will go higher and higher, simply because there are more and more ships which are being taken out of the fleet for storage purposes."</p><p></p><p>Recent bankruptcy filing by Ocean Tankers and parent company Hin Leong Trading could disrupt supply and keep rates elevated over the near term, Bloomberg Intelligence says.</p><p></p><p>Regarding the bankruptcies, Jefferies analyst Randy Giveans says "if these vessels are tied up for legal reasons, this could add fuel to the fire for VLCC rates."</p></blockquote><p></p>
[QUOTE="Weather Man, post: 16404933, member: 137766"] [size=6][b]Tanker names extend gains on oil glut, bankruptcies[/b][/size] Apr. 21, 2020 11:22 AM ET|About: [URL='https://seekingalpha.com/symbol/NAT']Nordic American Tankers Lim... (NAT)[/URL]|By: [URL='https://seekingalpha.com/author/sa-editor-carl-surran']Carl Surran[/URL], SA News Editor Tanker stocks including North American Tankers ([URL='https://seekingalpha.com/symbol/NAT']NAT[/URL] +11.7%) and Teekay Corp. ([URL='https://seekingalpha.com/symbol/TK']TK[/URL] +6.9%) continue their climb higher, as the oil supply glut and lack of coordinated efforts to slow the flow of crude have helped fuel one of the strongest-ever crude tanker markets. The shipping spot market "is going to stratospheric levels," Euronav ([URL='https://seekingalpha.com/symbol/EURN']EURN[/URL] -0.7%) CEO Hugo de Stoop tells Bloomberg. "We think it will go higher and higher, simply because there are more and more ships which are being taken out of the fleet for storage purposes." Recent bankruptcy filing by Ocean Tankers and parent company Hin Leong Trading could disrupt supply and keep rates elevated over the near term, Bloomberg Intelligence says. Regarding the bankruptcies, Jefferies analyst Randy Giveans says "if these vessels are tied up for legal reasons, this could add fuel to the fire for VLCC rates." [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
WTI crude just hit negative $40 a barrel
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