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Investing Experts
Tanker markets and why International Seaways is almost as cheap as it's ever been
Sep 11, 2024
Lois Zabrocky, the CEO of International Seaways, and CFO Jeff Pribor delve into the intricacies of the tanker market. They discuss how geopolitical tensions, Red Sea disruptions, and sanctions are shaping the industry's current landscape. The duo emphasizes the remarkable balance sheet improvements and strategic fleet management that will impact future oil demand. They highlight their dividend strategies amidst investor concerns and the company's attractive valuation, showcasing the potential for growth in a fluctuating market.
43:33
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Quick takeaways
- Geopolitical tensions, especially in the Red Sea and Libya, are significantly disrupting tanker operations and altering trade routes.
- International Seaways is focusing on strengthening its balance sheet while considering share repurchases amidst a perceived undervaluation of its stock.
Deep dives
Current Trends in Tanker Markets
The tanker markets, specifically for crude and product tankers, are experiencing a complex and somewhat stagnant phase after a bullish period. Although there was a strong performance in 2024 compared to 2023, particularly for Medium Range (MR) tankers which are earning impressive daily rates, there is a notable slowdown in the overall market sentiment. Discussions indicate that while the MR segment is performing well above mid-cycle rates, the Very Large Crude Carriers (VLCCs) are not seeing similar strength, largely due to lower growth expectations in global oil demand. Seasonal trends are expected to bring an uptick as the market approaches Q4, but the sustainability of this rebound remains in question.
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Discover
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