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...