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First Quarter Tanker Earnings

|Includes:Frontline Ltd. (FRO), GMRRQ, NAT, OSGB, TK, TNK, TNP

Now that the First Quarter is over, we can look at what shipping rates are and what analyst expectations are in the industry...

VLCCs averaged around $55,000 p/d in the first quarter, which is about $5k more than expectations of most analysts. This is good for FRO as you will probably see their earnings revised upwards this quarter.  Also good for OSG, and TNP.
 
Suezmaxes averaged around $38,000 p/d in the first quarter, which is about $8k more than the expectations of most analysts. This is great for NAT, and good for FRO, GMR, TNP and TNK. 

Aframaxes averaged around $19,100 p/d in the first quarter, which is about exactly in-line with analyst estimates. This is neutral for most Afra players, including TNP, OSG, TK, TNK, and GMR. 



Disclosure: No holdings
Stocks: FRO, OSGB, TNP, TK, TNK, NAT, GMRRQ