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Concordia CEO fears new ship ordering rush in product tanker

Concordia Maritime CEO Kim Ullman calls on competitors in product tanker to resist the temptation to order new ships right now. "We have to refrain from ordering newbuilds in order to bring the market back in balance," he tells ShippingWatch.

Photo: PR/Concordia Maritime

For the product tanker market to return to profitability, with high freight rates and solid earnings, several conditions need to be met in 2021.

Tanker ship operators need to not deploy additional capacity and they must refrain from ordering new ships. Furthermore, oil production and oil consumption need to continue on the expected, positive trend, says Kim Ullman, CEO of listed, Swedish product tanker operator Concordia Maritime, in an interview with ShippingWatch.

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