Torm CEO: Product tanker will do well for a longer period – "It's not just a blip"

Europe still sources roughly 50% of its oil import from Russia, but this will shift dramatically toward Feb. 1, 2023, when new EU sanctions enter force. This is one of three factors that will benefit the product tanker market, says Torm CEO Jakob Meldgaard.

Photo: PR/Torm

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

Torm CEO Jacob Meldgaard

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