Paddy Rodgers admits 2017 could be tricky for tankers

Paddy Rodgers, ceo of tanker giant Euronav, has admitted 2017 will be a tricky year.

In announcing the company’s financial results for last year, Rodgers said: “2017 will, in our view, present a number of challenges: OPEC production cuts, concentrated delivery schedule of the order book and anemic owner confidence, which when combined, are all likely to produce a difficult rate environment for the next few quarters.”

Rodgers said Euronav had substantial liquidity and a robust balance sheet to remain “strategically opportunistic” and to navigate what he described as “potential short-term headwinds” during periods of increased vessel supply.

Euronav’s net profit for 2016 was $204m, down from $350m the year before a year characterized by the old football manager’s cliché – a game of two halves – strong till June at which point too many newbuilds flooded the market, dragging rates down.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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