Tanker rates still weighed down by the pandemic and low demand

The demand for oil is low as a result of the Covid-19 crisis, and so are the freight rates for oil tankers. This spring, rates were up to four times lower than in the first five months of 2020, according to an analysis from Bimco. IEA expects demand to normalize in 2023.

Nordic Shipholding still believes in a merger

Tanker carrier Nordic Shipholding, currently at the mercy of lenders until the end of the year, still believes that the company can land a merger. The first quarter ended in a net deficit of USD 1.5 million.

Hafnia pushes pessimism aside and hopes for more mergers in product tanker

Hafnia, which books red figures for the second quarter in a row, estimates that the overcapacity of filled oil inventories is gone and that oil demand will normalize in the second half of the year. Danish Ship Finance says that an improvement could be delayed until 2022. "That's not our thesis," says Hafnia CEO to ShippingWatch.

Dorian LPG's revenue drops in strained gas market

Gas carrier Dorian LPG's revenue as well as bottom line declined in the fiscal year 2020/2021. The combination of lower freight volumes and a surge in new vessels hitting the market creates challenges, but the company is in its "best position ever," says CEO in the report.

Euronav: Long-term emission plans need to be feasible

"Long-term targets are aspirational rather than feasible," says Euronav CEO, Hugo De Stoop, in a comment to ShippingWatch. Yesterday, a number of major maritime stakeholders advocated to raise IMO's ambition to half CO2 emissions in 2050.

Frontline buys six supertanker newbuilds

Tanker shipping company Frontline expands its fleet with six VLCC supertankers. The purchase price is slightly above half a billion USD and the vessels are already under construction in South Korea.

BW LPG's profit shrinks in the first quarter

Gas carrier BW LPG exits the first quarter with a drop on the bottom line despite a solid start to the year. The company still expects a stable year but with a slightly weaker market in the second quarter.

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