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Meldgaard: Crude tankers cannibalizing product market

The downturn for crude oil tankers, where rates are extraordinarily low, has become a major problem for the product tanker operators. Torm Executive Director Jacob Meldgaard expects that the pressure from the supertankers could continue for a while yet, he tells ShippingWatch.

Updated at 1:25 pm CET with comments from Executive Director Jacob Meldgaard

Product tanker shipping company Torm booked a deficit before taxes of USD 8.9 million in the second quarter 2018, a significant setback compared to the same period last year when the deficit came to USD 1.6 million, shows the interim report Thursday.

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