Crude tankers are seeing “classic signs of recovery.” “Newbuilding orders are extremely low. We have the lowest orderbook is in 25 years.” On the product-tanker side of the equation, “refineries are shutting down so products are being shipping from further away, which is very interesting from a ton-mile point of view.”
Those quotes are from a shipping conference in New York in 2011, a full decade ago.
A few quotes circa-2017: “New capacity additions for global refineries are set to double, a...
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