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Tanker reality is wrong

‘Everyone has a strategy until they get punched in the mouth.’ That Mike Tyson quote neatly fits the battered tanker sector this year.

For a neat précis of the tanker freight markets over the last month, look no further than comments Kim Ullman made in his final market report for Concordia Maritime, the company he has led since its launch, as he retires at the end of this year. Ullman said, "We expected both oil production and freight rates to rise when stock levels were at or below the five-year average. However, this has not been the case…The map was right … but the reality wrong." Or, to put it pithily in the words of forme...

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