Drewry’s products tanker equity index continued its uptrend in the beginning of the quarter as expectation of seasonally firm winter demand supported the rally caused by refinery outages in the US due to Hurricane Ida and Hurricane Nicholas. Overall, the index registered a gain of 6.1% in the first three weeks of the quarter. However, the emergence of a new variant – Omicron - led to the imposition of yet another round of lockdowns in many European countries which has adversely impacted the demand and trade of refined products specially for the transportation fuels. Mobility restrictions in the aftermath of the surge in new infections have put pressure on the stock prices of product tanker companies. As a result the index fell by 14.3% in 4Q21 and has substantially underperformed key market indices such as S&P 500 (10.4%) and Dow Jones Industrial Average (7.4%) during the quarter.
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