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Raw oil tanker owners on the brink of collapse

According to the analyst firm Fearnley, owners of raw oil tankers have been pressed so far down in their rental contracts that market participants are asking themselves how long it will be before certain companies have to throw in the towel.

Desperate owners of raw oil tankers have been lowered so far by the charters that the rates continue at a level far below opex from the Middle East, writes the analyst firm Fearnley.

According to Fearnley, the main subject of conversation is once again the question of who will become the next company to go under and file a petition in bankruptcy, which will only be a matter of time if the current market level continues.

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