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Mikael Skov dismisses overcapacity in tanker market despite profusion of red figures

A large number of tanker carriers have booked substantial quarterly deficits this year, but Hafnia's CEO doesn't believe it to be caused by an excessive amount of vessels in the market. The supply side is under control with the lowest fleet growth in twenty years, he tells ShippingWatch.

Photo: PR-FOTO

Most product tanker carriers have posted red figures in the wake of major losses resulting from a weak oil market, which has shown weak increases in oil demand.

But the problem isn't caused by the global fleet of tanker vessels being too large relative to demand, thereby leading to a vicious spiral of declining freight rates, says Hafnia CEO Mikael Skov.

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