The volatility in charges for midsize tankers since Russia’s invasion of Ukraine will remain a constant in the months to come because the market adjusts to disruptions in commerce flows, Teekay Tankers (NYSE:TNK) CEO Kevin MacKay mentioned on Thursday, S&P International Platts stories.
“Since late February, the Aframax and Suezmax sectors had exhibited important price volatility with charges averaging nicely above the depressed ranges seen earlier within the yr and all through 2021,” MacKay reportedly mentioned throughout the firm’s earnings conference call. “We anticipate this volatility to be an ongoing function of the market within the close to time period.”
European crude imports have supported U.S. Gulf Coast exports, with the four-week transferring common for USGC crude export volumes within the interval ending Might 6 reaching 3.61M bbl/day, its highest degree since March 2020, based on S&P International Platts.
Teekay (TNK) mentioned it sees midsize tanker ton-mile demand persevering with to learn from the shift in commerce flows as Europe seeks barrels from the USGC in addition to from West Africa and the Persian Gulf.
Teekay Tankers (TNK) rose almost 4% in Thursday’s buying and selling after reporting a Q1 adjusted loss of $0.41/share, smaller than a $0.65/share loss in the year-earlier quarter.