Credit Suisse has shot down a growing belief the tanker market up-cycle has reached the end of the road.
An influx of newbuildings at the same time as OPEC has turned down production quotas is widely expected to prove a drag on the market.
“The sharp drop in rates has resulted in tanker stocks pulling back 40-50% this year and expectations of lower rates in 2017 have some calling for the end of this cycle,” wrote analyst Greg Lewis in a report today.
