Concordia says market is hung over after the oil party at the start of the year

Tanker companies are now paying the price for the strong market at the beginning of 2020. Full inventories and lower consumption on the heels of the Covid-19 pandemic leave a clear mark on Concordia Maritime's financials.

Photo: Oddway / Concordia Maritime

Tanker shipping companies sailed at fantastic rates in early 2020, when many utilized the lower oil price to buy up oil.

The two most recent quarters have, however, been much less fun for the companies transporting oil products at sea.

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