Tanker rates on the spot market appear to have bottomed out, says Gulf Navigation's chief executive.
'Shipping is a very cyclical business, but the consensus view is that we are currently at or very near the bottom of the cycle triggered by the financial crisis in 2008 and that far better times are ahead of us,' said Atle Sebjornsen, who heads the shipping company based in Dubai.
'Global [oil] consumption is catching up while ordering of new ships has slowed down, which suggests that a more favourable balance and strong markets lie ahead.'
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