"I haven't seen such a bad first quarter since the early 80s"

Concordia Maritime still believes in a strong improvement of the tanker market and potentially even black figures on the bottom line for the first time since 2016 despite booking a major loss in the first quarter and being in negotiations with its owner and banks about new financing, says CEO Kim Ullman to ShippingWatch.

Kim Ullman, CEO of Concordia Maritime. | Photo: PR/Concordia Maritime

Well-versed shipping profile and CEO of Concordia Maritime, Kim Ullman, is shocked by the state of the tanker market, which more or less fell apart during the first three months of the year due to weak demand and extremely low freight rates.

"I haven't seen such a bad first quarter since the early 80s. Already now, there are small signs of improvement in the tanker market. It is no longer a projection, belief, hope or anticipation of what will "possibly" happen. This market is starting to recover now, I'm sure of that," Kim Ullman, CEO of Concordia Maritime, says to ShippingWatch.

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