Anyone who has worked in the tanker market for the last decade will be familiar with the story about the demise of old refineries in Europe in the face of stiff competition from newer, more efficient facilities in the East and the United States. Yet, in the last oil price crash (2014-2016), refineries in Europe had somewhat of a renaissance as lower prices boosted margins, and the story, which many product tanker owners used to beat the drum with investors, never fully materialised.
Weekly tanker market report by Gibson Shipbrokers.
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