Wed, Aug. 26, 3:42 PM
- Frontline (FRO +7.5%) pushes higher following mixed Q2 results, after CEO Robert Hvide Macleod said in today's earnings conference call that the tanker company is being asked about options to store crude oil at sea.
- "There is a lot of people out there looking for storage options," the CEO said. “It could be one of the factors that helps bring this market back up."
- FRO also says it is seeing a growing trend for “forced storage” this year, where companies are asking its ships to wait for as many as 20 days while buyers are identified for cargoes.
Wed, Aug. 26, 9:14 AM
Mon, Aug. 10, 9:13 AM
Tue, Jul. 21, 10:32 AM
- The crash in oil prices is good for business for operators of the supertankers capable of hauling more than 2M barrels of crude around the world, such as Frontline (FRO +9.1%), Teekay Tankers (TNK +4.2%), Nordic American (NAT +2.6%), DHT Holdings (DHT +2.4%) and Euronav (EURN +1.5%), whose stocks have been moving up in recent weeks.
- The oil market rout that started in 2014 is a boon that could allow the companies to reduce debt, invest in new vessels and reward shareholders that have stuck with them through some very lean years, FT reports.
- Since the start of the year, the cost of hiring a VLCC has jumped more than 50%, with the rate for shipping oil from Saudi Arabia to Japan - the benchmark supertanker route - rising to $93.6K/day, a seven-year seasonal high.
- The supply of supertankers also has fallen sharply since 2008.
- Other related tickers: GLNG, GNRT, SFL, NAO, ASC, TOO, TK, TGP
Tue, Jul. 21, 9:15 AM
Mon, Jul. 20, 9:59 AM
- Shipping stocks making a strong early move include Frontline (FRO +6.3%), Scorpio Bulkers (SALT +3.5%), DryShips (DRYS +1.6%), and Safe Bulkers (SB +2.6%).
- Volatility in the sector has been high off of developments in Greece and China, although underlying shipping rates have been moving higher after bottoming out earlier this year.
Mon, Jul. 20, 9:14 AM
Wed, Jul. 15, 9:15 AM
Fri, Jul. 10, 10:33 AM
- Notable movers in the shipping sector include DryShips (DRYS +3.1%), Danaois (DAC +5.6%), and Paragon Shipping (PRGN +1.6%).
- Some names in the volatile sector has been trading off of developments in Greece even with many of the Greece-based companies deriving nearly all their revenue outside the nation.
- On a broader look, the Baltic Dry Index is +21 to 874. The breakdown shows the Cape index is 1279 with a spot price of 9612 vs. 11,149 a year ago, the Panamax index is 1052 with a spot price of 8380 vs. 5432 a year ago, and the Supramax index is 767 with a spot price of 8021 vs. 7099 a year ago.
- The Baltic Tanker Clean Index is 837 vs. 521 a year ago and the Baltic Dirty Index is 857 vs. 786 a year ago.
- The Guggenheim Shipping ETF (NYSEARCA:SEA) is +1.43% on the day and -4.12% YTD.
- Related stocks: TNK, EURN, TGP, NMM, SSW, SFL, TK, SMM, TOO, GMLP, DHT, NM, MATX, NAT, FREE, DSX, SB, FRO.
Thu, Jul. 2, 11:19 AM
- Frontline (FRO -6.2%) agrees to acquire Frontline 2012 Ltd. for ~$1.5B, as John Fredriksen reunites two businesses he split three years ago to help gain a greater share of the oil shipping market.
- FRO will buy Frontline 2012 by issuing 584M shares worth nearly NOK12B, with the holder of each share in Frontline 2012 receiving 2.55 FRO shares.
- The combined company says it will become one of the world's leading tanker companies, with a total fleet of ~90 vessels including 25 VLCCs, 17 Suezmax tankers, 16 MR product tankers and 10 LR2 Aframax tankers.
- Analysts say the combination will create a business that is big enough to attract investment for further expansion.
Thu, Jul. 2, 9:11 AM
Wed, Jul. 1, 9:18 AM
Thu, Jun. 18, 10:21 AM
- Shipping stocks are active on a sustained jump in the Dry Baltic Index.
- The index is up 6.5% on the day and has now rallied over 25% since late May.
- Prices for the Cape, Panamax, and Supramax categories of vessels are all higher.
- Stocks on the move include Diana Shipping (DSX +4.5%), Golden Ocean Group (GOGL +4.1%), DryShips (DRYS +2.5%), Frontline (FRO +1.9%), Navios Maritime Holdings (NM +2.2%), Star Bulk Carriers (SBLK +1.9%), Matson (MATX +2.1%), Euronav (EURN +1.4%), Navios Maritume Acquisition (NNA +2.6%), Nordic American Tankers (NAT +1.1%).
Thu, Jun. 11, 4:58 PM
Fri, May 29, 12:46 PM
Fri, May 29, 9:14 AM
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