Jonathan Chappell, an analyst for the US investment bank, said he sees robust fundamentals in the tanker space despite concerns over demand and believes a better-than-expected recovery will press on.
He noted that rates now are at the highest level than they have been at this time of year since 2008.
“Although the markets may not meet the peaks of last winter, we believe the consistent year-over-year spot rate improvements, the steady step-up of time-charter rates, and the improving asset values signal that the cyclical recovery is now underway, and with fleet expansion likely to remain muted through at least 2015, we believe this rebound has legs,” the analyst said in a note to clients.
Chappell
