Iranian Ship Linked to Houthi Attacks Heads Home Amid Tensions
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
by Charles Regnier (Reuters) – Belgium’s Euronav expects pressure on freight rates to continue until late 2021, the tanker operator said as it reported weaker than expected quarterly results on Thursday, citing OPEC+ export cuts because of the COVID-19 pandemic’s impact on demand for oil.
The company, one of the world’s largest tanker companies, benefited from soaring demand for oil storage at sea in early 2020 as buyers struggled to find space for surplus crude when demand collapsed during the first wave of the pandemic.
Related Book: The Tankship Tromedy: The Impending Disasters in Tankers by Jack Devanney
However, reduced OPEC+ exports limited oil oversupply in the second half of the year.
“As a result, the market remains unbalanced with too many ships chasing too few cargoes,” Chief Executive Hugo De Stoop said.
He added that some encouraging signs are emerging, such as higher scrap steel prices boosting returns when it retires old ships, but crude consumption needs to return to more normal pre-pandemic levels to restore sector profitability.
Euronav swung to a fourth-quarter net loss of $58.7 million, against an average forecast of a $41.8 million loss in a Refinitiv poll of analysts. ($1 = $1.0000)
(Reporting by Charles Regnier Editing by David Goodman, Reuters)
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,971 members that receive our newsletter.
Have a news tip? Let us know.
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign UpMaritime and offshore news trusted by our 105,971 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up