Euronav CEO Paddy Rodgers on Bloomberg TV

Euronav CEO Paddy Rodgers was interviewed on Bloomberg TV to comment on the current market. Key messages were:

  • Euronav Q3 loss narrower than estimates
  • Demand for oil has been strong and predicted to remain strong
  • Cure for low freight rates is more low freight rates – what we need is older tonnage to exit the market
  • Ships are going empty for longer via the development of Chinese demand growth which remains strong and likely to remain a key feature
  • OPEC likely to extend their production cuts into 2018 driven by support of a Aramco sale and a higher oil price which will bring on further U.S. shale production
  • Essentially we are seeing two policies meeting Saudi 2030 versus China's One Belt One Road – either way it's positive for shipping 
  • Euronav are oil price agnostic – expect at USD 60, oil will bring on more U.S. supply which needs to be shipped further. 

Watch the full interview here.

Image of article

Extra information about this article

Title Euronav CEO Paddy Rodgers on Bloomberg TV
Source https://www.bloomber…
Author Euronav Communications
Date 31-10-2017