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Coinbase pays us for certain activity generated through this link. Prices displayed are informational. **Scorpio Tankers**(NYSE: STNG) stock is on a roll. Shares of the oil tanker operator, which owns 90 tankers of various shapes and sizes, gained as much as 11% in the first two weeks of September.
It's giving back some of those gains today -- down 2.6% through 10 a.m. ET. **_Missed Nvidia in 2009? This Rare Signal Is Flashing Again._**_In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia.
For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia._**_Continue »_** Tanker rates are the reason. As StreetInsider.com reports, 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.
Data from the Baltic Dirty Tanker Index (BAID), which doesn't show precise dollar rates but instead uses a "point" system similar to the Dow Jones Industrial Average, nonetheless illustrates the change. The BAID closed just below 2,000 before the war, hit 2,421 at the beginning of September -- and has gone parabolic this month, more than doubling to 5,092. StreetInsider attributes the rate spike to "a near-shutdown of Hormuz traffic" that is slowing tanker traffic and making it hard to charter VLCCs.
So what's changed about this that would cause Scorpio stock to slip today? As reports, Iran offered over the weekend to reopen the Strait of Hormuz "within seven days" in exchange for the United States Navy lifting its blockade of Iranian shipping. And what does this mean for tanker charter rates and for Scorpio?
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