"We're not running around cheering. What's needed in order to start talking about a healthy market is that the rates stabilize on the long term at the current level, and I doubt that's going to happen, even though it's necessary in order to improve the far too low returns on the business."

Maersk Tankers CEO Morten Engelstoft made the above statement in December last year, and luckily for the Maersk Group's tanker carrier one can now look back and say that he was not entirely right in his prediction. In any case, Engelstoft - who in addition to serving as CEO of the Group's product tanker carrier also heads the so-called fifth core business that covers the carrier - is somewhat more optimistic today.