Supply Chain Research

The third quarter earnings season for the tanker and bulk carrier operators are likely to be miserable. While specialists such as LNG carrier Nakilat and chemical carrier Stolt-Nielsen have reported modestly better figures, most of the industry will see falling revenues and profitability. Nordic American’s decision to cut its dividend to 3 cents from 10 cents is emblematic. Oil tanker rates fell 10% in the third quarter vs. the second, while volumes likely fell too – for example Teekay may have seen a 25% drop on a year earlier in U.S.-inbound volumes. Panjiva analysis of consensus estim...