Drewry’s crude tanker equity index rallied by 11.9% in the first three weeks of the quarter on the back of improving oil demand in general, and seasonal firmness and increased refinery runs ahead of the peak winter demand in particular. However, stock prices of product tanker companies have been adversely impacted by the reluctance of OPEC+ to pump more, the release of crude oil from SPRs by several major importers, and the surge in new Covid-19 infections in the US, Europe and several major economies which led to increased mobility restrictions. Accordingly, the tanker index declined by 18.9% in 4Q21. On the other hand, key market indices such as Dow Jones Industrial Average (DJIA) and Nasdaq Composite moved up by 7.4% and 8.3% respectively during the quarter and S&P 500 recorded a gain of 10.6% in 4Q21 on the prospects of overall economic recovery in the long run.
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