Oil Industry Offers Cautious Look for Immediate Future

Companies operating crude oil tankers offer a mixed message for the industry, painting a bleak picture for the immediate future but the potential for a long-term rebound.

“We’re moving from a supply problem to demand uncertainty,” said DHT Holdings President Trygve Munthe at Jefferies Global Shipping Conference in New York on Sept. 5.

“The credit crunch, coupled with the lackluster freight movement, has left ordering empty.” But he called the scenario “good news in disguise,” as the low market and cyclical nature of the industry “sets us up for a strong recovery.”

Posted on Wednesday, September 05, 2012 (Archive on Monday, January 01, 0001)
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