Nordic American Tankers Ltd (NAT)

[Eurotradr]

Fearnleys - The Suezmaxes continued this week to ride the wave created by the VLCCs and Saudi flooding the market with oil. Owners have been fixing ships with a return well over 100k per day. But as so many times before, they have pushed too hard and too far, and charterers have now started failing ships as rates do not makes sense anymore. At time of writing, charterers are now sitting on the cargoes they have, taking the time to push levels down to more sensible levels. Going forward we expect the market to come off, but how far is the big question. Everyone is still looking towards the Saudis, and if they will keep exporting the way they have the last week.