JP Morgan says 2018 is setting up as "trough year" for the crude tanker industry as Opec production cuts weigh on rates and supply remains high.
The outlook led analyst Noah Parquette to trim his freight rate estimates for the year. In addition, he also lowered 2018 earnings estimates across many names in the tanker space.
Crude oil inventories finally turned lower in the fourth quarter and scrapping also increased.
