Niels Stolt-Nielsen believes shipping is some way from achieving acceptable returns after two decades of disappointment.
But the chief executive of chemical tanker owner Stolt-Nielsen said the supply/demand equation is moving in favour of owners.
Talking about low contract of affreightment (COA) rates, Stolt-Nielsen initially said: "The COA rates have been low, because we have had a horrible shipping market for the last, I dare say, 20 years.
