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Product tanker carriers face disappointing 2016 exit

Major rate declines in the third quarter for product tanker carriers will make their mark on the fourth quarter and throughout the rest of the year. Numerous carriers, most recently Torm, have downgraded their forecasts.

Only six months have passed since 2016 looked set to be another booming year for the product tanker market and thus a success story in a shipping market otherwise sorely lacking positive trends.

But those hopes were shot down in this year's third quarter, and signs now point to a major rate slide in the third quarter deflating earnings toward the end of the year for the key players in product tanker such as Ardmore, Torm, Scorpio Tankers, and Hafnia Tankers.

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