Evercore ISI has cut its crude tanker estimates for 2018 and warned investors not to buy into the rally too early.
The update came alongside a downgrade for Gener8 Maritime after its stock climbed ahead of a merger with Euronav.
Jon Chappell, Evercore’s leading shipping analyst, believes the crude market could soon reach the bottom of the trough but stresses conditions are likely to remain challenging after the winter market proved a dud.
