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TANLK - Skies brightening up for US tanker market


55118 fcras 1/4 2012 23:45
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TANK__Skies brightening up for US tanker market__
Skies brightening up for US tanker market


Monday, 02 April 2012 ' 00:00

THE US tanker market looks set for better times as fewer new builds ease excess supply and rates pick up, Dahlman Rose said.

Dahlman also upgraded key players such as Frontline Ltd and Overseas Shipholding Group Inc.

'The overall crude tanker fleet is set to grow 9.3 per cent on a gross basis during 2012, then ... to grow 6.8 per cent in 2013 and marginally thereafter,' the privately owned investment bank said in a note to clients.

Tanker oversupply will start subsiding in 2013 and the market will be in balance in 2014, the brokerage said, adding that spot prices would go up this summer ahead of a European embargo of Iranian crude.

'Saudi Arabia has already begun boosting exports of crude oil ahead of the planned European embargo of Iranian supplies beginning July 1,' Dahlman said.

Possible sanctions would force Iran to hire tankers for floating storage for the produce it is unable to export immediately, the brokerage added.

It upgraded Frontline and Overseas Shipholding Group, citing the group's exposure to very large crude carriers.

The brokerage upgraded six other tanker players including Teekay Tankers Ltd and Nordic American Tanker Ltd.

Source: Reuters
http://www.hellenicshippingnews.com/News.aspx?Element..



Frontline
http://www.frontline.bm/

Overseas Shipholding Group
http://www.osg.com/

Teekay Tankers Ltd
http://www.teekaytankers.com

Nordic American Tanker Ltd.
http://www.nat.bm/

FRO, FRO.OL, NAT, OSG, TNK




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