From a rates perspective, public tanker companies began 2021 with one of the worst quarters in recent history, only to see their shares appreciate by well over 20%.
How to explain the disconnect? On a superficial level at least, stocks are supposed to rise when rates and asset values rise, and fall when they fall.
One common explanation is that investors — having seen rates recover and soaring stock prices in dry bulk and containerships — decided to get in a little early on a presumed tanker market rebound in the second half of the year.
