Tanker owners now have to face up to the consequences of the extraordinary surge in rates during the first half of 2020, according to Bimco.
The shipowners' organisation's chief shipping analyst, Peter Sand, said the sector will be paying the price of the boom for the remainder of the year.
"The higher demand for shipping at the time was not because of higher immediate consumption, but because of future demand being brought forward as importing refiners sought to benefit from the lower price," Sand added.
