CLMT is my biggest holding by far. I am underwater at present but believe CLMT has put the worst behind it with all the costs of upgrades and the new refinery. It can only go up from here and I especially like the great diesel hedges in place. Will hold through what I think is stock manipulation over the last couple of weeks.
Sentiment: Strong Buy
NAT is a pure Suezmax play. Have been following news on Lloyds shipping and Suezmax vessels are in a sweet spot. Very few newbuilds on the horizon and rates holding well at nearly double 2014 rates. Thus I cant agree with your view.
The real gem are the suezmaxes. Rates rose $20k pd last week according to Lloyds.
What I specifically like are the large number of vessels on the spot market. Spot rates are high and expected to stay strong for the next 6 months. This is enhanced by reduced bunker fuel costs.
NAO is about cash neutral. Just come through the low season and with a few PSV,s on long term contract I don't think they are cash strapped.
Volumes have risen, with the drop in oil price and Suezmax being used in other areas as well. Note that product tanker rates have also risen.
Obviously English is not your home language. Should read "if hedges ARE so good". To answer the question , market is not reacting in a rational manner at the moment. Expect irrational prices for the next few months.
Clo , I will review my NAT holdings when Q2 results come out. I expect a blow out Q. The conversation of VLCc vs Suez is academic as the share market will be too volatile in the short term, to take the long term into account. It will only react to current news.