Maritime stocks tank

Tanking tankers…

NEW YORK (AP) — A dour quarterly report from the ocean shipping company Frontline sent a wave through the entire sector Tuesday and shares in some of the biggest operators tumbled sharply.

There were fears that shipping magnate John Fredriksen may have to step in once again to save Frontline, a company he founded, which said it would need to restructure or run out of money early next year.

The company posted third-quarter losses of $166.2, compared with a net income of $12.2 million during the same period last year.

Rates in the tanker market have been stagnant for years as a global economic funk settles across most developed countries, particularly in the West. Frontline warned that the tanker industry is likely to experience major financial problems if the market remains weak.

There is no quick recovery in sight.