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Tanker

Corona diary from Gothenburg: Stena Bulk CEO fears times post-virus

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.

Maersk Tankers books USD 91 million profit

Maersk Product Tankers, which operates more than 80 vessels on behalf of Maersk Tankers, turned red figures on the bottom line into a pre-tax profit of USD 91 million in 2019.

Frontline CEO projects billion-dollar profit

Frontline's chief exec believes that the company can make a profit of more than USD 1 billion after taxes in 2020. "The prospects are historically strong," he tells Dagens Næringsliv.

Dramatic week for shipping and rig companies comes to a close

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.

Cheap oil sends tanker rates soaring

Spot rates for tanker vessels soar yet again due to the current geopolitical unrest. The sudden plunge in the oil price has significantly increased demand for VLCC tankers.

Particular detail about the oil price opens unusual market for Torm

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.

Torm reports best start of the year in a decade

Torm is off to a booming start to 2020, as the shipping company records the best beginning to a year in a decade, shows the annual report for 2019. The company reports a profit of USD 202 million.

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