Business Data
Global Industry Overview - Bloomberg T anker Index Less Representative Of Dirty T anker Operators
BMI does not believe that the Bloomberg Tanker Index is the indicator for the fortunes of dirty tanker operating companies that it once was . From a formerly fairly even split between s ix liquid-bulk tanker operators lis ted on the New York Stock Exchang e (NYSE), the bulk of which were heavily involved in crude oil s hipping , over three quarters of the index's weig hting now comes from Teekay Corp, a company that is increas ing ly reliant on offs hore and LNG s hipping for its profits . With one former member already delis ted, and two having declared thems elves bankrupt, this dynamic is likely to continue. Des pite our s lig htly more s ang uine outlook for crude oil s hipping in 20 13, we do not believe that the index will see any s ig nificant res urg ence over the coming year. The dirty tanker market continues to suffer in 2013. The sector, jus t like container s hipping and dry bulk s hipping , is afflicted by a g lut of s hips which have come online having been ordered prior to the downturn. The g rowth of the g lobal fleet has far outweig hed g rowth in demand for s eaborne oil in the years s ince; rates have been continuous ly pus hed lower. The Baltic Dirty Tanker Index (BDTI), made up of a number of g lobal crude oil s hipping routes for a variety of different vessel classes , s tood at 6 58 on February 19 , a far cry from its five-year peak of 2,34 7, recorded in July 2008 .
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