Frontline books profit despite more than halving the top line
In what has been a difficult first quarter for tanker carriers, John Fredriksen's Frontline comes out with a profit despite more than halving the top line. The coronavirus pandemic is a continuing source of uncertainty, says CEO.
Hafnia, Torm, Norden and Scorpio Tankers have seen big profits this year in a strong tanker market, which has been highly affected by Russia’s war in Ukraine. The carriers are now sending record-high dividends out to stakeholders.
Demand on the majority of busy container routes is now at its lowest level in three years, an influential analyst bureau reports, saying volumes may continue to plummet beyond the Chinese New Year in February.