Market Currents
Oil transporters take a beating as low rates, lower fuel consumption and a tanker glut continue...
-
Monday, July 23, 2012, 2:47 PM ETOil transporters take a beating as low rates, lower fuel consumption and a tanker glut continue to dissuade investors. Tanker rates are averaging less than $5K/day, a far cry from the $25K-$30K that Overseas Shipholding (OSG -5.8%) and Frontline (FRO -3.8%) need to break even, Jefferies says: "These companies are losing money and unable to cover cash costs."
Other date
Latest Energy & Materials Articles
This news story has 2 comments:
They have to suffer until times are good again. It will take a long time to get back the former glory!