Shipping broker report 03/04/23

Industry Discussions Shipping News
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Per shipping broker Seasure

Frontline (FRO) reported their Q4 2022 results earlier this week. Though the company owns some clean tankers (LR2s), they don’t break out dirty and clean. Then again, neither does Teekay Tankers (TNK). I guess, one has to wait for a clean tanker pure-play (TRMD or STNG) to report their quarterly results to know the Afra vs LR2 rate trade-off. Then again, I really don’t have a major issue if the avg rate for the LR2/Aframax category is > $55K daily (Q4 2022) and trending higher in Q1 2023

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I saw another article about FRO and INSW ( i think) talking about how these companies with smaller ships are busy offloading the super tankers (maxx). The prices on these stocks have been excellent…doc

edit: FRO has a nice dividend too!

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At one time, INSW and EURN owned (two apiece) the only 4 Ultra Large Crude Carriers (ULCCs). Two of the ULCCs were converted into FSOs (Floating Storage Offshore) for a Maersk project in Qatar, with each partner owning a 50% stake in both FSOs. French oil giant Total SA took over the offshore project, and extended the contract. INSW sold its stake in the JV to EURN, The company had sold its last remaining ULCC to EURN several years ago,

I just noticed that INSW announced their results earlier this week too. Quick scan of their results indicates good results for Q4 2022, greatly helped by their product tanker fleet.

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