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A grim first quarter for tankers

The red ink is being spilled in ever greater quantities.

Back in the 20th century, gasoline retailer Esso advertised petroleum spirit by recommending that drivers ‘put a tiger in your tank’ – a slogan created by Chicago copywriter Emery Smith in 1959. How the tanker shipping industry could do with some cargo to put in its tanks in the Year of the Tiger. Oil prices are climbing to seven-year highs after Opec decided at its February meeting to maintain its 400,000 barrels per day increase each month but not to accelerate it. After all, they need to put...

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