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VLCC Tanker Rates Soaring

|Includes: FRO, NAT, NNA, TNK, Tsakos Energy Navigation Limited (TNP)

Tanker rates are soaring yet again, as this article ( from Bloomberg news demonstrates.

According to the article, VLCC rates hit over $81,000 per day. This is as high as they were in January and is a major acceleration of rates from recent lows of around $50,000 or less per day. This is probably what caused Credit Suisse to upgrade TNP yesterday.

All tanker stocks should benefit. My favorites are TNP and NNA, but others such as NAT, FRO, TNK, etc. stand to be winners as well. The cycle is very young and very strong.

Disclosure: The author is long TNP, NNA.