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Hafnia and Torm believe super-strong market is here to stay

The price to charter a product tanker vessel has crossed USD 100,000. Torm CEO Jacob Meldgaard and Hafnia Chief Executive Mikael Skov believe that the recovery will last for as long as the coronavirus pandemic paralyzes the global economy. ShippingWatch has interviewed the two chief execs.

Photo: Collage/Hafnia/Torm

With prices hovering above USD 100,000 per day for an LR2 product tanker, and a massive appetite for chartering vessels to transport or store the extremely cheap oil, even experienced CEOs such as Torm's Jacob Meldgaard and Hafnia's Mikael Skov are having a hard time truly grasping what is currently happening.

Because while most of the business world across the globe is hit hard by the coronavirus pandemic, which is pushing companies, industries and nations toward a recession, one sector in particular is benefiting from the effects created by the global shutdown of the economy and the steep slide in oil prices resulting from it.

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