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Euronav CEO: Growing fleet could be a struggle in 2017

The tanker industry will likely find itself struggling with a growing young fleet and modest scrapping next year, projects Patrick Rodgers, CEO of major Belgian tanker carrier Euronav, in an interview with ShippingWatch.

Photo: Euronav

2016 will not be the flashy year for international tanker as shipowners in both product tanker and crude oil hoped for at the beginning of this year. It was evident already from the half-year results that the boom, which began off in 2015, had started to diminish. It will soon be revealed whether supertankers in Norwegian Frontline and Belgium's Euronav have sailed at good rates and experienced abundant employment, just as the smaller segments in carriers such as Torm, Norden, and Scorpio will reflect the market for refined products.

When asking Euronav CEO Patrick Rodgers about his expectations for oil transport in coming years, he is only moderately optimistic and definitely eyes major challenges, several of which are completely outside of the sector's domain.

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