Fearnley Securities continues to back tanker owners to see big share price gains in 2020 after a boom last year.

The Oslo investment bank said shipping fundamentals in 2019 were the best it had seen in more than a decade, as all vessel types experienced rates well in excess of their cash break-evens.

Analysts Espen Landmark Fjermestad and Peder Nicolai Jarlsby added: "Thankfully, and unlike 2018, freight improvements also triggered strong equity performances, with our circa 60 names under coverage gaining 50% on average."