Yesterday, CNBC learned about the oil tanker thesis. While the analyst was bullish, he talked about the rates coming down over the months. While, I also see rates coming down, they are likely to go up first as evidenced by today’s $300k print. Also, they are likely to stay elevated as long as production is higher than demand as the CEO of Euronav pointed out. I bet rates go to $400k or $500k before then start coming back down. No one is expecting this.
About Mariusz Skonieczny
Mariusz Skonieczny is the founder of Classic Value Investors.