Shares in product tanker giant Scorpio Tankers rose 23% over the third quarter even as the Baltic Clean Tanker index (BCTI) dropped 25.1%, according to research by investment bank B Riley Securities.

How to make sense of that? The index doesn't properly capture what's actually happening in the market, according to B Riley shipping analyst Liam Burke.

“There was a disconnect between product tanker spot rates and the relative index,” Burke told clients in a note previewing third-quarter earnings season for tanker names.