Concordia Maritime chief executive Kim Ullman said the product tanker market is experiencing “the darkest hour” but reiterated his positive market view for 2021 and 2022.
In a market update recently posted on the company website, Ullman said tanker earnings are pressured this winter by weak oil consumption and the Opec+ supply cut during the Covid-19 pandemic.
Ullman said oil stock withdrawals close to the consuming countries therefore have “hung like a heavy, wet blanket over demand for tanker transport”.
