Trafigura has warned tanker owners they could face a rerun of 2021's rate nightmare.
The group, which also owns more than 30 tankers and LPG carriers of its own, is distinctly more bearish on next year's prospect than some shipping companies.
Andrea Olivi, Trafigura head of wet freight shipping, explained the company has reduced its core long-term chartered fleet as part of managing a "historically large" tanker exposure.
