Randy Giveans | Source | Vice President, Equity Research at Jefferies

We believe the crude oil tanker market is likely to remain strong in 4Q19 because of low global crude inventories, rising US crude exports, and tanker supply disruptions, while the refined products tanker market should benefit from increasing global refining capacity, IMO 2020 preparations, and slowing fleet growth. We also think the LNG shipping market should benefit from increasing global LNG liquefaction capacity, while the LPG shipping market is likely to continue to improve in the coming quarters, mainly because of increasing US exports and decreasing shipyard deliveries. Finally, we believe the dry bulk shipping market will remain firm in 4Q19 given a rebound in Brazilian exports and very low fleet growth.