The product tanker market is in the midst of an earnings boom not seen since the mid-’00s. Three factors will support the segment maintaining speed for a longer period, says Torm Chief Executive Jakob Meldgaard in an interview with ShippingWatch following the group’s latest interim report showing pre-tax earnings of USD 107m – a result attributable to tanker freight rates doubling.
The market is significantly different than two years back. Last time we experience something like this was in the mid-'00s
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In the drama surrounding the merger between tanker majors Euronav and Frontline, one of the arguments from Euronav’s biggest shareholder, the Saverys family, is that the merger will pull Euronav in the wrong direction on the green agenda. Euronav tells ShippingWatch that the company rejects this criticism.