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Thursday, May 07, 2020 5:15:01 PM
https://www.freightwaves.com/news/inside-the-mind-blowing-crazy-insane-ridiculous-tanker-sell-off
Exceprts:
On Wednesday (2020/05/06), U.S.-listed tanker owners reported record-high results, executives confirmed strengthening rates on conference calls, the broader stock market was relatively stable (at least until the last hour), the price of crude oil declined … and yet, tanker stocks fell sharply in heavy trading.
It was “the craziest price action I’ve seen in my nine years covering the space,” Jefferies shipping analyst Randy Giveans told FreightWaves.
According to Giveans, “Today’s performance is ridiculous. Both DHT and Scorpio Tankers were up 4-5% when the market opened, and both press releases and calls were very bullish. These earnings-to-equities disconnects are crazy. Had I not looked at the screen, I would have assumed shares would be 10% higher."
“I know many investors who bought in the last six weeks to hold until earnings, so I guess [they are] dumping today — although to get the DHT dividend, you have to be a shareholder on May 19, 2020.”
Giveans continued, “Today’s weakness seems all about falling rates and concerns that rates are heading back to $10,000 per day — which is just silly. Rates have been quoted as ‘plunging’ or ‘diving,’ but of course rates are going down this week, because of Far East holidays, fewer exports out of Saudi Arabia, charterers remaining slow to fix, and contango tightening. Rates are still strong, and we expect rates to improve in the coming weeks.”
Recent DHT News
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/19/2024 07:46:49 PM
- Rumble Shares Up 7% in Premarket After 27% Q2 Revenue Surge; More on Earnings • IH Market News • 08/13/2024 09:39:29 AM
- DHT Holdings, Inc. Second Quarter 2024 Results • GlobeNewswire Inc. • 08/12/2024 08:15:00 PM
- U.S. Futures Steady as Markets Await Key Inflation Data, Oil Prices Climb • IH Market News • 08/12/2024 09:47:41 AM
- DHT Holdings, Inc. to announce second quarter 2024 results on Monday, August 12, 2024 • GlobeNewswire Inc. • 07/30/2024 08:15:00 PM
- DHT Holdings, Inc. Business Update • GlobeNewswire Inc. • 07/11/2024 08:15:00 PM
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- DHT Holdings, Inc. announces the results of the 2024 Annual Meeting of Shareholders • GlobeNewswire Inc. • 06/13/2024 08:15:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/15/2024 08:49:54 PM
- DHT Holdings, Inc. First Quarter 2024 Results • GlobeNewswire Inc. • 05/14/2024 08:15:00 PM
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- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 05/07/2024 05:21:17 PM
- DHT Holdings, Inc. to announce first quarter 2024 results on Tuesday, May 14, 2024. • GlobeNewswire Inc. • 05/03/2024 10:54:32 AM
- DHT Holdings, Inc. today announced the publication of its 2023 Sustainability Report • GlobeNewswire Inc. • 04/23/2024 08:15:00 PM
- DHT Holdings, Inc. Business Update • GlobeNewswire Inc. • 04/11/2024 08:15:00 PM
- DHT Holdings, Inc. has filed Form 20-F for 2023 with the US Securities and Exchange Commission • GlobeNewswire Inc. • 03/20/2024 09:15:07 PM
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- REMINDER - Leading LNG, LPG, Crude & Product Tanker Shipping Companies Participating at Capital Link’s 18th Annual International Shipping Forum Monday, March 11, 2024 in New York City • GlobeNewswire Inc. • 03/06/2024 02:00:00 PM
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- Leading LNG, LPG, Crude & Product Tanker Shipping Companies Participating at Capital Link’s 18th Annual International Shipping Forum • GlobeNewswire Inc. • 02/13/2024 04:29:25 PM
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- DHT Holdings, Inc. Business Update • GlobeNewswire Inc. • 01/17/2024 09:15:00 PM
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