There is a simple reason why Torm chief executive Jacob Meldgaard is not worried about softer macroeconomic data that has coincided with weaker product tanker spot rates in August.
It is much the same as was seen last year, he said during Torm’s quarterly earnings call on Thursday.
Analyst Jon Chappell from Evercore questioned whether the weaker spot market in August is attributable to seasonality or heralds economic headwinds, particularly from China.
