A once-in-a-generation oil price war is expected to save tanker markets from the demand weakness caused by the coronavirus epidemic,but the pricing advantage of scrubber-fitted tonnage is diminishing with the collapse in bunker costs.
After Russia walked out of the Opec+ meeting last week, Saudi Arabia announced cuts to its crude prices to consuming nations across the globe from April, triggering the largest sell-off in oil markets since 1991.
