Arctic: Credit Daily - Oil Markets, Scorpion Tankers, Odfjell Technology, Navigator Gas, Mutares

Research evidence excerpt

Arctic: Credit Daily - Oil Markets, Scorpion Tankers, Odfjell Technology, Navigator Gas, Mutares

Credit Daily

19 June 2026 | 08:22

Oil Markets, Scorpion Tankers, Odfjell Technology, Navigator Gas, Mutares Key figures & indices Arctic HY Index

Oil markets: Prices bounce after deal-relief sell-off

Crude prices are moderately higher this morning with Brent 1 mth back to the $80 level, up some

$0.25. Yesterday, the contract gained +$0.30 to $79.85 as profit taking set in ahead of today’s

US bank holiday. Prices have fallen sharply over the past week with Brent down some -$17 in

response to growing hopes, which were realized over the weekend, that the US and Iran would

strike a deal to reopen Hormuz and extend negotiations. Benchmark crudes have now erased most

of the increase following the war. Product prices remain elevated and forward curves inverted,

however, signaling that not all is yet normal. Brent bounced off its low point of $75 yesterday,

suggesting oversold conditions. Markets will now turn its focus on Hormuz to see how quickly

shipping operations get underway as Iran has 30 days to clear the strait for safe passage. Note

US markets closed for Juneteenth holiday.

Scorpion Tankers: Q2 trading update

Yesterday, Scorpion Tankers released its trading update for Q2 revealing its current rate

achievement. The company has booked 88% of LR2 spot days at USD 80k/d (as of Q1 report; 41%

at USD 96.0k/d), 90% of MR days at USD 53.0k/d (53% at USD 66.0k/d) and 80% of Handymax

days at USD 54.0k/d (47% at USD 61.0k/d). Incorporating current rates for the remainder of the

quarter (LR2: USD 74.5k/d, MR: USD 23.2k/d, Handy: USD 22.3k/d), yields TCE revenues of

USD 388.8m and an EBITDA of USD 290.8m. This compares to consensus estimates of USD