ShippingWatch

King of crude oil believes in continued tanker boom

Belgian Euronav, with its large fleet of VLCCs, has hit a gold mine that looks set to keep giving for years, says CEO Patrick Rodgers. He has no plans to enter product tanker, he tells ShippingWatch. "Anyone can afford an MR tanker," as he says.

Photo: Richard Drew, AP

There are some chief executives in the maritime industry who, in spite of upturns and remarkably good results, choose to keep both feet on the ground and who, using politically correct terms, explain that their performance is a team effort and is to a certain extent attributable to a fortunate position in the market.

And then there are the shipping CEOs who say it as it is. Rather, they believe that their exceptional performance can be traced to a better-tuned sense of being in the right place at the right time, and that competitors banking on smaller vessels than themselves in effect have chosen a market where everyone can play along.

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For Coca-Cola, chartering vessels is by no means a foreign concept

Coca-Cola made a splash when one of the company's execs recently informed that it had chartered three dry bulk vessels as a result of the strained supply chains. It's a frequently used method, the company tells ShippingWatch. Nike expects shortages of products in coming quarters.

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