Opec’s decision to turn up the taps is a welcome shot in the arm for tanker owners, with the move already being felt by public companies.
Tanker stocks shot up by 15% last week, beating a fall in the S&P 500, according to Morgan Stanley.
At the same time, VLCC rates climbed by 50% and the extra oil on the water will assist rates during the second half of the year, analysts say.
