Analyst Eirik Haavaldsen lowered the Oslo-listed owner from buy to hold in the wake of its fourth quarter results.
Haavaldsen says lower costs helped Stolt Tankers in the fourth quarter but he sees softer rates ahead, which he feels will weigh on the stock this year and next.
“With an extensive stainless steel orderbook combined with lower than expected demand growth in Asia, the chemical tanker market looks challenging in the years ahead,” he said.
