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Industry Note No. 9 - VLCC PE Multiples; Buy, Hold or Sell pdf

In the financial markets, investor sentiment for stocks can be measured using PE (Price/Earnings) multiples. We believe this statistic to be an applicable tool for pricing physical tanker assets, while in parallel, revealing underlying market confidence levels. In this note, we discuss our methodology to harmonize the PE formula to tanker assets and project the range which VLCC tankers are likely to trade in over the medium term.

Industry Note No. 8 - The Latin American Story pdf

Not only is Latin America a major end market for petroleum products, many of its emerging economies have become big players in the upstream sector of the global oil market. In this note, we will discuss the trends we have observed in Latin American crude exports over the past few years, the impact on tanker trade flows, and our views on 2017 developments.