Tanker stocks have ridden the wave of surging long-haul crude oil levels in recent weeks. A new report by Morgan Stanley analyst Fotis Giannakoulis discussed the most recent tanker data and Morgan Stanley’s top tanker plays.

The Numbers

VLCC spot rates in the Middle East skyrocketed 37 percent week-over-week (W/W) to $70kpd last week, while Suezmax rates in West Africa also climbed 23 percent.

Total U.S.-bound spot charters climbed 82 percent W/W to their highest levels since January 2014.

“Middle East tanker demand is expected to remain very strong over the next few months as production is ramping up again with Saudi exports seasonally increasing while Iraq aims to export record volume out of Barsa with the October preliminary schedule indicting exports rising to 3.68mbpd from 3.02mbpd in September, which if realized it would beat a previous monthly record of 3.064mbpd set in July,” Giannakoulis explained.

Tanker Stocks React

As a whole, tanker stocks climbed…

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