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.

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Extra information about this article

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