Ports and Shipping - Drewry: tanker shipping stocks volatile in 2023.

Byline: S. KAMAL HAYDER KAZMI

So far, the year 2023 has been very volatile for stocks of crude tanker shipping companies. Drewry Crude Tanker Index rallied at the beginning of the year, followed by a declining trend between the latter half of March and June. However, the index is on an uptrend from July on the back of better-than-expected economic data from the US and a robust demand outlook for crude oil. Overall, the index jumped 26.6 percent YTD and outperformed the broader SandP 500, which gained 13.8 percent YTD.

Stock prices of product tanker shipping companies were also very volatile in 2023. Drewry Product Tanker...