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Frontline -11%, shipowners slide on global economic worries

  • Frontline (FRO -7.4%) skids to a 52-week low after Evercore ISI downgrades shares to Underperform from In-line and slashed its price target to $4 from $6, as analyst Jonathan Chappell believes the company will be unable to pay a dividend for Q2 and Q3.
  • The downgrade adds insult to injury for the broader shipping industry, with shares sliding in recent days on worries about the global economy and weakening demand for oil and gas, reducing the need for tankers.
  • Nevertheless, LNG shipping rates have climbed above $100K/day for the first time in nearly a year on the need for vessels to move cargoes to cover winter demand, Bloomberg reports, citing Fearnleys shipbrokers.
  • Among shipping industry movers: DHT -5.9%, EURN -8.4%, NAT -13.6%, STNG -16.2%, TNK -9%, DAC -5%, GLOG -3.1%, EGLE -7.6%, SB -3.2%, GNK -9%, GSL -5.6%, LPG -4.5%, CKH -2.1%, NMM -4.7%.

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