International Seaways expects to slightly better its record first-quarter earnings in the current three months despite the effective end of the contango curve and a fall in rates from peak levels experienced in March and April.
“We rolled into 2020 expecting an 18-month market upturn,” said chief executive Lois Zabrocky in explaining how fundamentals of the IMO 2020 sulphur cap regime were overwhelmed by the coronavirus pandemic and a global oversupply of oil.
