“Yea, though I walk through the valley of the shadow of death, I will fear no evil …” begins a psalm that might comfort today’s crude-tanker investors.
Crude tankers have been condemned to an extended stay in “spot-rate hell,” lamented Stifel analyst Ben Nolan in his latest quarterly outlook. He wrote that the sector is only at the “halfway point in the very long road through the Valley of Death.” Nolan quoted Winston’s Churchill’s advice: “If you are going through hell, keep going.”
Clarksons...
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