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Fly News Breaks for October 16, 2019
EURN
Oct 16, 2019 | 06:21 EDT
Citi analyst Christian Wetherbee continues to be bullish on the tanker market and he believes Euronav NV is a good way to leverage the recent move higher in spot rates. After the attack on Saudi crude production and COSCO Shipping's sanction concerns, tanker rates have spiked, reaching ~$300,000 per day, Wetherbee tells investors in a research note. He thinks Euronav will likely capture "significant rate upside" beginning in Q3, but mainly in Q4. He keeps a Buy rating on shares of Euronav NV.
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