“The first quarter of 2020 has been one of the most profitable quarters in the past decade for crude oil tankers, which will hopefully provide a liquidity buffer for the challenging months that lie ahead. Once the production cuts set in, the profitable journey is likely to grind to a halt,” says BIMCO’s Chief Shipping Analyst, Peter Sand.
Poten and Partners agreed in their tanker report, saying that even though some issues may arise when it comes to compliance especially by Russia, the industry will not have a choice once the spare storage capacity starts to fill up.
