Pareto Securities has cut its rating on two leading products tanker owners at the same time as slicing its rate estimates by around one third.

It has downgraded both Scorpio Tankers and Hafnia from buy to hold at the start of second quarter results season.

“Following the ‘all-stars-aligned’-like 2015, product tanker owners have faced a much more difficult 2016,” analyst Eirik Haavaldsen said.

Products