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Bugbee: Oil slide extends potential significantly

The collapse of the oil price makes Scorpio Tankers President Robert Bugbee draw comparisons to the 1980s. "This will not just improve the rate environment for product tankers, it will significantly extend a potential upside."

Photo: Presse

The collapse in the oil price now makes Scorpio Tankers President Robert Bugbee draw comparisons to the situation on the energy markets back in the 1980s, where reduced demand for oil combined with excess production on the global markets led to a six-year decline in the oil price.

"With the collapsing oil price these last three to four weeks, we believe that this will create a setup similar to what happened in 1984-1985, where the energy complex related to shipping received a significant boost. This will not only improve the rate environment significantly for product tanker, it will significantly extend a potential upside," he said on a teleconference held Wednesday afternoon.

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