Teekay Tankers Stock Slips as Iran Offers to Reopen Strait of Hormuz

โดย The Motley Fool·

Summary · why it matters

Teekay Tankers stock fell 2.9% through 10:55 a.m. ET, giving back part of a September rally that had lifted shares as much as 14% through Friday's close. The maritime services provider, which gets 87% of its revenue from its tanker business, had climbed as charter rates spiked: StreetInsider.com reported the cost of chartering a Very Large Crude Carrier supertanker passed $1 million per day, up 5 times from what chartering a supertanker cost before the Iran war began Feb. 28. The Baltic Dirty Tanker Index closed just below 2,000 before the war, hit 2,421 at the beginning of September, and has more than doubled this month to 5,092, a spike StreetInsider attributes to a near-shutdown of Hormuz traffic. Today's decline follows a Reuters report that Iran offered over the weekend to reopen the Strait of Hormuz within seven days if the United States Navy lifts its blockade of Iranian shipping, which would let oil move again and make tankers easier and cheaper to charter. The article notes this is not the first time rumors that the Iran war is about to end have pushed oil stocks lower, and that if the rumors prove false, charter rates and Teekay stock could go right back up.