ABN AMRO has downgraded a bunch of big tanker and gas carrier owners, including Scorpio Tankers, Exmar and others.
The bank has cut the recommendation for the shipping companies from buy to either hold or sell.
The outlook for Exmar, Hafnia Tankers, Golar LNG, Ardmore Shipping and Scorpio Tankers was lowered to sell. Dorian LPG and Wilh. Wilhelmsen were cut to “hold”.
An analyst from the bank said the changes were not related to the UK Brexit referendum, but stem from its estimates on the products tanker and LPG markets.
He said: “Both products tankers and LPG markets have not been that good so far this year, with supply overtaking demand.”
Shares in Dorian LPG rose by 1.38% yesterday at $7.36 but they are still trading close to their one-year-low.
Exmar’s shares also climbed yesterday to EUR 6.68 ($7.43) but their price has declined compared to the beginning of the month.
On the contrary, diversified owner Norden was raised by ABN AMRO to buy versus hold.
