Buy International Seaways stock, says Clarksons as shares slip into discount zone

Clarksons Securities has maintained its positive view on US tanker owner International Seaways after the share price quickly fell back to a “significant” discount to net asset value (NAV).

The stock closed in New York at $49.35 on Thursday, 29% below the investment bank’s calculation of NAV at $68.60 per share.

The price had nearly reached parity with NAV, but weakening tanker markets and the recent global share sell-off pushed it down again, analysts led by Frode Morkedal said.