Oil 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."
Oil transporters take a beating as low rates, lower fuel consumption and a tanker glut continue...
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