Do not be tempted by very low tanker prices on offer from yards in Asia. That was the message from the high level panel at last week’s tanker session during the Maritime CEO Forum held in Singapore. In the latest episode of Splash TV we look at the opening moments of the tanker panel to gauge the mood of the sector.
Moderator Tim Huxley from Mandarin Shipping kicked off proceedings noting there was a “significant overhang” of tankers still coming out from the yards in Asia.
Lars Malmbratt, general manager of Stena Bulk Singapore, told the many shipowners in the room: “Don’t invest in tankers right now”, a point of view shared by Alan Hatton, managing director of Foreguard Shipping, who said newbuilds should definitely be avoided at the moment, but he admitted some opportunities in the secondhand market looked “quite compelling”.
Michael Elwert, CEO of Elektrans Group, meanwhile, was cautiously optimistic for the products sector in a couple of years’ time, but less so when it came to crude.
Check out the panel debate in the video below.
Maritime CEO Forum was sponsored by Cobham, Compas, Dualog, DVB Bank, Liberian Registry, Marlink, OSM Group, ShipServ, Veritas Petroleum Services and Wartsila. The next edition of the forum is scheduled for October 2 in Hong Kong.