"That phone has been quiet for seven years, but now it has started ringing again"
For Odfjell Drilling, the market for deepwater activity has been dead for years. But now, rates have doubled in short time, tells CEO Kjetil Gjersdal to ShippingWatch. The company is only one of several experiencing a significant boost following years of decline.
The drilling market is truly resurging, after a long period where the industry has been under heavy pressure from oversupply in relation to demand, a plagued oil market, rescue plans, and looming bankruptcies.
A combination of new Turkish regulation and Western sanctions on Russian crude has led to congestion of oil tankers in Türkiye’s waters. Diplomats are working to prevent unnecessary control of tankers to and from the Black Sea.
Belgian shipping family Saverys acquires additional shares in Euronav and now only needs a small increase of its equity position to block a full merger between the tanker operator and rivaling company Frontline.