crude tanker shipping

Inside the ‘mind-blowing,’ ‘crazy,’ ‘insane,’ ‘ridiculous’ tanker sell-off

crude tanker

The plot thickens.

On Wednesday, U.S.-listed tanker stocks reported record-high results, executives confirmed strengthening rates on conference calls, the broader stock market was relatively stable (at least until the last hour), the price of crude oil declined … and yet, stocks of tanker owners fell sharply in heavy trading.

It was “the craziest price action I’ve seen in my nine years covering the space,” Jefferies shipping analyst Randy Giveans told FreightWaves.

There have been plenty of bad...

https://s29755.pcdn.co/news/inside-the-mind-blowing-crazy-insane-ridiculous-tanker-sell-off

Investors dump tanker stocks just as tanker profits soar

product tanker

Imagine you’re the CEO of a company ringing the opening bell of the New York Stock Exchange. You show up at the corner of Wall Street and Broad full of excitement and anticipation on the morning of the big event. Then the entire U.S. market crashes the moment trading begins and no one pays any attention to you.

Public tanker company executives can relate.

The top names in the space are issuing earnings releases in rapid fire this week, with Ardmore Shipping (NYSE: ASC) the first out of the gate...

https://www.freightwaves.com/news/investors-dump-tanker-stocks-just-as-tanker-profits-soar

Barge giant Kirby: signs of life but too soon to call bottom

tank barge

It’s a strange time for public reporting. Companies are posting results for a period – January to March – that’s largely irrelevant because it pre-dated peak COVID-19 fallout.

The value of this round of quarterly reporting is in commentary on current conditions, particularly from bigger public players who can provide front-line insights on the U.S. economy.

One of those bigger players is Kirby Corporation (NYSE: KEX), the largest owner of inland tank barges in America and by far the largest...

https://www.freightwaves.com/news/barge-giant-kirby-signs-of-life-but-too-soon-to-call-bottom

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