Tanker

Bugbee thinks Panama Canal crisis could boost tank rally

The low tide issues in the Panama Canal will put upward pressure on freight rates, says Scorpio Tankers’ CEO.
Robert Bugbee, CEO of Scorpio Tankers, estimates that the strong product tanker market will continue in 2024. | Photo: Chris Prevolos/marine Money
Robert Bugbee, CEO of Scorpio Tankers, estimates that the strong product tanker market will continue in 2024. | Photo: Chris Prevolos/marine Money
by DAG HOLMSTAD

The crisis in the Panama Canal, which is hit by the worst drought since it opened in 1914 and is sending merchant ships on longer voyages, could become an extra fuel for an already booming product tanker market, says Robert Bugbee, CEO of Scorpio Tankers.

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