News Snapshot:
Tanker investors have been getting cold feet this winter. Spot rates are down sharply from November and stocks are off earlier highs. Yet the bullish tanker thesis — war-induced trade inefficiencies, post-COVID reopening, new vessel capacity that’s about to fall off a cliff — hasn’t changed. After spot rates “began to ease from highs that were completely unsustainable” came “the predictable selloff in the equities,” said Evercore ISI analyst Jon Chappell in a research note on Friday. “We’ve been inundated with questions about why rates have ‘collapsed’ and where rates can ‘bottom,’ completely missing the fact that the current rate...
