Paddy Rodgers, ceo of tanker giant Euronav, has admitted 2017 will be a tricky year.
In announcing the company’s financial results for last year, Rodgers said: “2017 will, in our view, present a number of challenges: OPEC production cuts, concentrated delivery schedule of the order book and anemic owner confidence, which when combined, are all likely to produce a difficult rate environment for the next few quarters.”
Rodgers said Euronav had substantial liquidity and a robust balance sheet to remain “strategically opportunistic” and to navigate what he described as “potential short-term headwinds” during periods of increased vessel supply.
Euronav’s net profit for 2016 was $204m, down from $350m the year before a year characterized by the old football manager’s cliché – a game of two halves – strong till June at which point too many newbuilds flooded the market, dragging rates down.
