A weaker product tanker market has been tipped to speed up consolidation in the sector.
Analyst Santosh Gupta, an assistant manager at Drewry Maritime Financial Research, said falling earnings and asset prices over the latter part of 2020 can be a catalyst for more tie-ups.
Singapore owner Hafnia failed in a bid to buy Ardmore Shipping in June, but Denmark's Norden announced a strategic partnership with Diamond S Shipping a matter of weeks before this.
