The tanker / bulker 3Q earnings season has continued its disappointing streak. Frontline reported an 11% drop in revenues, missing estimates by 8% on weak shipping rates. That also fed through to a drop in profitability (measured by EBITDA margin) to 22% from 42% a year earlier. Navios did better on revenues (12% higher, beating estimates by 2%) but also couldn’t avoid a drop in profitability on higher bunker fuel costs. As a consequence, after 12 of the 13 operators covered by Panjiva have reported, tanker / bulker sector revenues likely rose by just 1% and profitability dropped to 37% ...