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Maersk Product Tankers sees muted market on the heels of major profit

A growing tanker fleet and lower rates created an imbalance in the tanker market in the second half of 2020, which is set to continue into the first half of 2021, predicts Maersk Product Tankers. 2020 brought a record result.

Photo: PR / Maersk Tankers

The product tanker market got off to a much different start in 2021 than last year, when a collapse of the oil price created a surge in demand for ships to be used as floating stockpiles, which caused rates to soar.

The exorbitant prices later dropped significantly in the market, which ended the year off with much lower rates and ships returning to active duty.

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