Tue, Sep. 16, 3:57 PM
- Ocean shipping of dry bulk commodities and oil will nearly double earnings capacity during the next several years while the smaller container ship industry will tread water, Deutsche Bank says.
- The firm believes the industry is "on the cusp of entering a new era of prosperity," driven by improved supply/demand dynamics, increased fleet utilization and abundant capital to fund profitable growth.
- On average, DB forecasts a near doubling of earnings power across its coverage universe by 2016 vs. 2013, led by shippers in the Dry Bulk and Oil trades.
- Initiated with Buy ratings: TNK +9.8%, CPLP +2.5%, DSX +2.8%, DRYS +5.5%, DLNG +2.4%, NNA +2.1%, SALT +0.8%, SSW +1.3%, GASS +3.3%.
- Started at Hold: TK +1.2%, NMM +0.3%, FRO +3.3%, TGH -0.6%.
Thu, Aug. 7, 5:30 AM
Thu, Jul. 3, 9:03 AM
Thu, May. 15, 6:16 AM
Wed, May. 14, 5:30 PM
Mon, May. 12, 11:24 AM
- Nordic American Tanker (NAT +4.1%) is higher after reporting Q1 EPS of $0.05 vs. a $0.31 loss in Q4 2013 and a $0.59 loss in the year-ago quarter, and net operating cash flow of $27.1M vs. $1.9M in Q4 2013 and -$4.9M in the year-ago quarter.
- Says tanker rates achieved on average for Q1 were $26.3K/day per vessel for its trading fleet, vs. $14.1K/day in Q4 2013.
- Other tanker shares also are higher: VLCCF +5.9%, FRO +4%, TNK +3.1%, TK +1.5%.
Wed, Apr. 23, 8:35 AM
- The Yamal LNG project in Russia's Arctic reportedly has chosen Canada's Teekay LNG (TK, TGP), Japan's Mitsui and Russia's Sovkomflot to build 16 liquefied natural gas carriers worth $5B.
- The project is scheduled to start producing gas in 2016 and supply 16.5M metric tons of the tanker-shipped fuel in 2018; Russia's Novatek holds a 60% stake in the $27B, while France's Total (TOT) and China's CNPC (SNP) own 20% each.
Fri, Apr. 4, 4:37 PM
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Tue, Jan. 21, 2:15 PM
- Teekay Tankers (TNK +13.9%) and Teekay Corp. (TK -0.9%) announce the creation of a new tanker company which will seek to acquire, operate and sell modern second-hand tankers to benefit from an expected recovery in the current cyclical low of the tanker market.
- Tanker Investments Ltd. has completed a $250M private equity offering in which TNK and TK each invested $25M for a combined 20% ownership stake in the new company; the balance of the privately placed shares, which will trade on the Norwegian over-the-counter market, have been purchased by a group of institutional investors.
- A portion of the net proceeds from the private equity offering will be used to acquire four 2009 and 2010-built Aframax crude oil tankers for a combined $116M; the new company also will acquire four 2009-built Suezmax crude oil tankers from Teekay for a combined $163M.
Fri, Jan. 3, 4:23 PM
Nov. 15, 2013, 8:10 AM
- Charter rates for mid-size vessels likely will rise next year as demand expands and ship supply either stays the same or shrinks, Teekay (TK) says.
- There will be almost no growth for the next two years in the supply of Suezmaxes and Aframaxes, which haul ~1M barrels and 650K barrels of oil, respectively; the fleet of the smaller vessels may even decline while demand will increase by 3%-4%, TK says.
Nov. 7, 2013, 8:43 AM
Nov. 1, 2013, 3:10 PM
- Rates for the largest oil tankers are surging, as Chinese freight traders lead an acceleration in Asian demand for the ships to load Middle East crude, sapping a fleet surplus that had made the carriers unprofitable almost all year.
- A VLCC built 16 years ago reportedly was hired today at ~13% more than yesterday’s prevailing prices, for the biggest one-day gain in 2013; rising demand has cut a capacity surplus to the smallest since June 4, according to a Bloomberg survey.
- FRO +9.4%, SFL +0.8%, NAT +3%, TK +1.3%, TNK +0.1%, TOO +0.1%, TGP -0.1%.
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