Nordic chairman, Herbjorn Hansson
, in a letter to shareholders, believes that the tanker markets remain soft, due primarily to the excess supply of vessels; but the longer term outlook is more encouraging. "The order book for new vessels is declining and starting in 2014 we expect only a modest number of newbuildings will be launched. We also expect older vessels will continue to be scrapped. Consequently, the suezmax tanker markets should start tightening again. In early June…