Inside the ‘mind-blowing,’ ‘crazy,’ ‘insane,’ ‘ridiculous’ tanker sell-off

by | May 6, 2020 | General | 0 comments

The plot thickens.

On Wednesday, U.S.-listed tanker stocks reported record-high results, executives confirmed strengthening rates on conference calls, the broader stock market was relatively stable (at least until the last hour), the price of crude oil declined … and yet, stocks of tanker owners fell sharply in heavy trading.

It was “the craziest price action I’ve seen in my nine years covering the space,” Jefferies shipping analyst Randy Giveans told FreightWaves.

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About Mariusz Skonieczny

Mariusz Skonieczny is the founder of Classic Value Investors.