In December, all three key market indices - S&P 500, Dow Jones Industrial Average and Nasdaq composite - improved further after average growth of 11.5% in the previous month and registered average gain of 4.2% during the month. With the rollout of COVID-19 vaccines in the US, Europe and several other countries, everyone is hopeful about the containment of the virus, which boosted the stock markets. However, the same was not reflected in the stocks of crude shipping companies as vessel earnings remained below break-even rates. Although stocks of Euronav and DHT Holdings moved up by 2.3% and 1.3% respectively in December, Drewry’s crude tanker index slide 0.7% during the month as the other four constituents of the index registered an average decline of 5.6% MoM.
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