Tanker Investments Ltd (TIL) said Thursday that it expects to remain in the tanker market until rates and asset values both improve.
It said it was now pivoting from a strategy focused on selling its fleet, to an operating strategy as it rides out the softer part of the market cycle.
“Tanker rates have been strong in the first half of 2016, however, they have weakened into the summer months which, together with tight credit conditions for the shipping sector, have contributed to a decrease in the value of modern tankers by about 20% year-to-date," said TIL chief executive William Hung.
“We
