Maersk Expects Tanker Market to Improve
Maersk Product Tankers A/S said that the product tanker market, which was challenging in 2018 is expected to improve from the end of 2019.The company that transports refined oil products through its product tankers vessel fleet said in a press release that while fleet growth had slowed significantly over the previous two years, the market remained heavily oversupplied.Product trade demand growth was positive, but below historical ranges. As a result, product tanker freight rates fell. This decline, combined with high fuel prices, depressed industry earnings, reaching lows not experienced since the 2008/9 financial crisis.After hitting near record lows in the third quarter of 2018, however, the market rallied in the fourth quarter.
Faurisson Joins Heidmar Products Desk
Heidmar announced that Olivier Faurisson will join the company as Managing Director of Chartering and Marketing in the product sector. Faurisson has experience in product chartering and pool building. He rose to the title of General Manager, Products Division, during his 13 year career with Total Trading. At OMI Corporation he was the Head of Chartering & Business Development, in the Product Tanker Division. Most recently, he was Head of Chartering at Scorpio UK Limited. Faurisson will be based in Heidmar's London office.
