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Read all the latest news about Product tanker. ShippingWatch gives you independent, credible, critical and fair news.

Bugbee calls on competitors to join forces

IMG_3322.JPG Tanker:

Not long ago, observers had little interest in Robert Bugbee as the Scorpio project looked set to fail. Now he is the man who has done what everyone is talking about in product tanker, and in an interview with ShippingWatch he calls on competitors to follow his lead.

Scorpio Tankers merges with Navig8

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The consolidation wave in product tanker is now reality. Robert Bugbee's Scorpio Tankers will merge with Navig8 and issue new shares for USD 200 million. The new behemoth will have a fleet of 105 vessels and will compete directly with carriers such as Torm, Ardmore, and Hafnia Tankers.

Tanker rates need to improve before Torm launches IPO

Jacob Meldgaard CEO Torm Tanker:

Torm CEO Jacob Meldgaard has not shelved the IPO plans even though the carrier suffered a big deficit of USD 142 million for the year after a fleet impairment of USD 185 million. But the tanker rates will need to improve and oil stockpiles go down before a listing becomes relevant, he tells ShippingWatch.

Deutsche Bank sees increasing MR-rates

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The first full-year results of the product tanker segment spell good news for the industry going forward, Deutsche Bank shipping analyst Amit Mehrotra tells ShippingWatch. He sees daily MR-rates improving over the next two years.

Ardmore Shipping takes big hit in 2016

Ardmore Seaventure1.jpg Tanker:

Ardmore Shipping saw its full-year result plunge, and the product tanker carrier suffered a deficit in the final quarter of 2016. The carrier's CEO attributes the decline to high inventory levels and a large influx of vessels, though he is optimistic about developments going forward.

Tanker CEOs look with pessimism at 2017

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The fourth quarter 2016 did not end well. This is the concurrent assessment from the head honchos of tanker; CEO of Euronav, Paddy Rodgers, and CEO of Torm, Jacob Meldgaard. And 2017 looks set to be weighed down by the many new vessels entering the fleet.

OPEC deal could boost tanker carriers

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An agreement at next week's OPEC meeting would likely increase speculative oil trading. In the short term this could boost the product tanker market which is otherwise crippled by overcapacity and filled stockpiles, Hafnia Tankers CEO Mikael Skov tells ShippingWatch.

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