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.
|Title||Euronav CEO Paddy Rodgers on Bloomberg TV|