Tanker Rates Skyrocket To Fill Colonial Pipeline Shortages
By Elizabeth Low (Bloomberg) Oil tanker charter rates skyrocketed in the U.S. with refiners scrambling for ships to store fuel that has nowhere to go due to a cyberattack on...
(Bloomberg) — Golar LNG Ltd., an owner of tankers hauling liquefied natural gas, was lowered to “hold” from “buy” at Pareto Securities AS on prospects for reduced charter rates for the vessels.
LNG supplies will be limited before 2015, which is expected to drive hire costs for the ships lower, Eirik Haavaldsen and Jonas Advocaat Kraft, analysts at the Oslo-based investment bank, said in a report today.
“Without a single contract on their 10 LNG carriers yet, in a market that is already somewhat oversupplied, we believe that the near-term upside from the current share-price level is limited,” the analysts said of Golar LNG.
– Rob Sheridan, Copyright 2013 Bloomberg.
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