Why Teekay Tankers Stock Dropped Today
Yahoo Finance ·
Teekay Tankers ( TNK -2.21% ) stock soared in September. Shares of the maritime services provider, which gets 87% of its revenue from its tanker business, gained as much as 14% in September through Friday's close. Teekay is giving back some of those gains today -- down 2.9% through 10:55 a.m. ET. But why was Teekay stock up in the first place? Tanker rates are the reason. StreetInsider.com reports that the cost of chartering a Very Large Crude Carrier (VLCC) supertanker passed $1 million per day yesterday. That's up 5 times from what chartering a supertanker cost before the Iran war began Feb. 28.
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