No Easy Way Out of Horrid Market for Tanker Operators

摘要

The stars have aligned against the oil tanker industry, which has entered into one of the worst periods in its history.Every major tanker company saw its financial results plummet during the second quarter. Teekay Tankers, a unit of Bermuda-based Teekay Corp., saw revenues sink by about $5 million compared to last year's second quarter. Athens-based Tsakos Energy Navigation reported a net quarterly loss of $18.1 million, surpassing a year earlier loss of $8.8 million. And Frontline - the world's largest independent oil shipper - lost $35 million for the quarter, down from a profit of $81 million in the same period of 2010. After reporting a $36.8 million loss for the second quarter on Jul. 27, General Maritime's stock has plunged from around $1.10 per share to around 400 recently. Its shares are now trading some 90% below year ago levels and the company faces potential delisting from the New York Stock Exchange.