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Oil price war will ensure high second-quarter freight rates for Euronav

The tanker market is benefiting from the oil price war between Saudi Arabia and Russia these days, and this will continue for most of the second quarter, says Euronav CEO Hugo de Stoop. The rest of the year will depend on one thing.

Photo: PR / Euronav

The oil price war between Saudi Arabia and Russia will support the strong freight market for supertankers during most of the second quarter as well, says Euronav Chief Executive Hugo de Stoop.

The developments have prompted the oil price to plummet to hitherto unseen levels, making it popular to stockpile oil inside supertankers. Among other things, this has made earnings for very large crude carriers (VLCCs) rise dramatically on the spot market, from USD 20,000 to USD 200,000-300,000.

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