Euronavis calling for further consolidation of the tanker market in response toongoing turbulence caused by excess global fleet capacity.
The Belgian shipowner says freight ratesare improving and well above levels seen this time last year but believesrationalisation measures like mergers, acquisitions, pooling, scrapping and thecancellation of newbuilding orders are necessary if the trend is to continue.
The commentary came as the companyturned in a second quarter loss of $11.1m,
