OPEC plans to cut oil production have come at the right time to prevent damage to tanker markets being caused by the temptation to over order new ships, but a lack of finance may be even more important, shipowners said today.
The proposal to cut output by 1.2 million bpd in the first six months of 2017 is aimed at raising oil prices, but it could also dampen owners’ tendency to order too many newbuildings, the Nordea shipping and offshore investor seminar in London heard.
“The
