Jefferies Slashes Estimates/PT on Shipping Group (SEA) Ahead of Earnings

Analysts at Jefferies slashed estimates and price targets on the maritime group - which is broadly represented by ETF Claymore/Delta Global Shipping (NYSE: SEA) - ahead of Q1 earnings season for the group.

"Although we have been bearish on the outlook for the crude oil tanker market, crude oil tanker charter rates during 1Q13 were even weaker than expected resulting in reduced 1Q13 charter rate and EPS estimates," analyst led by Douglas J. Mavrinac said. "While we continue to expect crude oil tanker market conditions to remain weak through 2013 and 2014, we also expect the refined products tanker market to continue to strengthen through 2013 and 2014."

CHANGES:
DHT Holdings, Inc. (NYSE: DHT) (Buy) price target from $9 to $6; estimates cut
Frontline Ltd. (NYSE: FRO) (Hold) price target from $2.50 to $2; estimates cut
Nordic American Tankers (NYSE: NAT) (Hold) price target from $10 to $7; estimates cut
Ship Finance International Limited (NYSE: SFL) (Hold) price target from $17 to $16; estimates cut
Scorpio Tankers Inc. (NASDAQ: STNG) (Buy) price target maintained at $11; estimates cut
Teekay Corporation (NYSE: TK) (Buy) price target from $45 to $40; estimates cut
Tsakos Energy Navigation Limited (NYSE: TNP) (Buy) price target maintained at $5; estimates cut

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