Oil Price Rout Sends Ripples Across Related Industries

Oil prices are down despite OPEC+ production cuts and the war in Ukraine because of growing economic worries focused on the U.S. and China. But this is no longer affecting traders only. The rout is spreading to related industries, including tanker owners, who are witnessing their stocks dive. “We believe the market will more heavily discount energy exposed companies, including tanker owners, based on current downside demand risks and negative macroeconomic sentiment,” Deutsche Bank shipping analyst Chris Robertson said this week as…