When you linking your Twitter Account Market Wire News Trending Stocks news and your Portfolio Stocks News will automatically tweet from your Twitter account.
Be alerted of any news about your stocks and see what other stocks are trending.
NAT - Tanker Rates Have Plummeted And Likely To Remain Depressed Through 2021
Nordic American Tankers Limited
Tanker rates for Very Large Crude Carriers (VLCCs) are highly sensitive to oil transportation volumes, which in turn, are a function of global oil production and consumption. And so it follows that the lower the demand for oil, the lower the demand for tankers.
However, a special case developed in the spring when oil demand plummeted as economies worldwide were shut down to control the spread of COVID-19. The resulting oil price collapsed created a demand for tankers as temporary floating storage facilities, and tanker rates spiked. That was an unexpected boon for tanker owners,