Average spot rates for tanker operator Euronav declined by more than half during Q1 2018, falling to $18,725 per day, largely due to the excess capacity in the market, along with the OPEC production cuts. The Belgian company also reported a 74.6% drop in core profit for the quarter, at $25.8m. CEO Louise Heavens said he expected the tight rates to continue until the tanker market had rebalanced, and called for a reduction in "primarily older tonnage, restraint from contracting and a supportive oil price structure".
Average spot rates for tanker operator Euronav declined by more than half during Q1 2018, falling to $18,725 per day, largely due to the excess capacity in the market, along with the OPEC production cuts. The Belgian company also reported a 74.6% drop in core profit for the quarter, at $25.8m. CEO Paddy Rodgers said he expected the tight rates to continue until the tanker market had rebalanced, and called for a reduction in "primarily older tonnage, restraint from contracting and a supportive oil price structure".