Why Shares of Teekay Tankers Ltd. Jumped 13.6% Today
Shares of Teekay Tankers Ltd. (NYSE: TNK) jumped as much as 13.6% in trading Wednesday, as the tanker market continues to be hot. As of 1:10 p.m. EDT, shares were still up 10.4% on the day and holding.
Rates to charter tankers continue to be extremely high, as sanctions on Chinese shipowner COSCO reduce market supply, and attacks on oil supply and tankers in the Middle East cause unrest for energy traders. Euronav CEO Hugo De Stoop said this week that it will take "weeks or even months" for prices to come down, so the windfall may last for a while.
Image source: Getty Images.
Source Fool.com
