The CEO of the Swedish tanker carrier Stena Bulk, Erik Hånell, is responsible for seven offices and several hundred employees across the globe, all affected by the coronavirus outbreak. Many work from home or in shifts. Hånell worries the most about the times to come after corona.
Nordic Shipholding is currently negotiating with another tanker shipping line as to a potential merger. The negotiations have been ongoing since late last year, and the plan is to create a new player based in Copenhagen.
In the midst of the global coronavirus crisis and an oil price war between Russia and Saudi Arabia, tanker vessels emerge as the big winners. Rates continue to soar, and this time the recovery appears more sustainable, says analyst.
The CEO of Italian product tanker carrier d'Amico International Shipping, Paolo d'Amico, is highly optimistic about 2020 despite the uncertainty generated by the coronavirus outbreak. 2019 ended in another deficit.
Coronavirus and a dispute over the oil price between Saudi Arabia and Russia triggered significant price drops on stock exchanges in the past week. Danish and Norwegian shipping and offshore shares also took a tumble. But one sector in particular saw share prices going up.
The sliding oil price could pull more product tanker vessels out of the market to serve as oil storage spaces. At Torm, several customers are already inquiring about the possibility, Executive Director Jacob Meldgaard tells ShippingWatch. The market has reacted immediately and is not significantly higher than just a week ago.