Jørn Madsen, CEO of Maersk Supply Service, sees no core improvements for the oil and gas market until at least 2017, at best. The hard-hit market is plagued by extremely low rates in the North Sea, sending approximately 100 offshore vessels off the water, including eight freight vessels from Maersk Supply Service.
"The current outlook could indicate that more will come. Both from us, and probably from our competitors. We of course have to be in the market with the prices that the market can currently give, but that naturally means taking a hit on earnings. We have to constantly follow the market to see if it's worthwhile to trade, or whether it's better to just take vessels out of the market," says Madsen (pictured above) in an interview with ShippingWatch.