Euronav has forecast weak charter rates ahead for crude tankers after noting that demand for floating storage is falling more quickly than it had expected.
The Belgian tanker giant said in a quarterly report that reduced supply and demand for crude during the coronavirus pandemic would prove challenging for tanker markets.
“Floating storage requirements dissipated sooner than expected, pivoting the tanker market to a transition phase ahead of our prior forecast,” chief executive Hugo De Stoop said.
