PROPELLER CLUB – JUNE 2020
On Tuesday 9th June 2020 the 5th Online Member’s Meeting was conducted, featuring, Mr George Margaronis, CEO of Latsco Marine Management, who spoke about the tanker market during and after Covid-19, and the future of shipping markets.
He referred to the recent events in the oil market such as:
• The disruption of oil market fundamentals.
• The magnitude of the fall in crude oil and product prices.
• The demand and supply rebalancing, gradual supply cuts, and demand recovery needed to support to the oil market.
• The record amount of oil being stored on large tankers at sea as a result of the “super contango” in the crude oil market after on-shore storage reached capacity.