Euronav CEO awaits normalization of global oil markets after tough months

The global oil consumption needs to be normalized in order for a notable improvement to emerge for tanker operators, says Euronav CEO Hugo de Stoop. The fourth quarter brought one of the most challenging markets in modern times and a big deficit.

Photo: PR / Euronav

2020 brought ups and downs for Belgian Euronav, which most recently saw one of the toughest tanker markets in modern times in the fourth quarter, and this has continued into the new year.

The coronavirus pandemic and a plunge in global oil demand contributed to a deficit of USD 58.3 million before taxes, according to the company's interim report, published Thursday.

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