The product tanker market is a cocked gun ready to fire once “significant refinery expansion” provides the ammunition, Great Eastern (GE) Shipping has forecasted.
A continued glut of newbuilding tonnage looks set to hammer dry-bulk rates well into the future unless “aggressive scrapping” takes place, the diversified Indian owner also mused.
GE Shipping was giving its market outlook as it unveiled a rise in third-quarter profit through cost cuts and reduced charter hire while it also revealed its offshore
