By Alex Longley and Alaric Nightingale (Bloomberg) —
The market for moving oil across the world’s oceans is currently so bad that owners of the industry’s biggest supertankers are actually subsidizing the delivery of cargoes.
Strange to think, then, that shares of two of the market’s biggest pureplay owners — Euronav NV and Frontline Ltd. — have been steadily rallying since early February. It’s because the oil tanker sector is emerging as a hot coronavirus vaccine play.
The coronavirus has ravaged both global oil demand and supply, rendering the fees that owners charge for individual cargo deliveries little short of disastrous.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.