Belgian tanker owner Euronav expects the rate recovery to continue to accelerate as fuel-switching and Chinese demand come more into play.
The Brussels and New York-listed company said net profit in the third quarter was $16.4m, against a loss of $105.9m a year ago, as markets improved.
Chief executive Hugo De Stoop said: “Over the recent months, improving tanker market fundamentals have, together with geopolitical events, driven sustained and significant freight rate improvements which are broad and well supported in all parts of the large crude tanker market.”
