Struggling German owners hang on to product tank

The rebound in product tank has apparently given financially struggling owners so much faith in the market that the expected supply of ships up for sale from German KG funds failed to materialize, says CEO Anders Engholm, Hafnia Management.

The positive developments in product tank, which have now lasted far longer than many analysts and, especially, shipowners and operators dared to hope, have apparently given owners - such as German banks and the hard-pressed KG funds - some tailwind, as the supply of product tank ships up for sale or in search of new operators is smaller than expected.

"It looks like the owners of many of the ships controlled by either KG funds or other interests have gotten enough faith to hang onto their ships, and for the banks to hang in there. The market for product tank has been somewhat better than expected, and even though many owners are undoubtedly having problems with liquidity, it helps when revenues suddenly increase significantly," says Anders Engholm, CEO of Hafnia Management, to ShippingWatch.

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