Morten Werrings Rederi of Norway remains committed to shipping but does not think the time is right for more business now.

“The market is lousy right now, it is not easy to find attractive projects,” said managing director Kjell Hetland.

Werrings is currently managing owner of five 1990s-built stainless-steel tankers built between 1996 and 1999 and has stakes in other ships, including between 20% and 25% in vessels that have been on seven-year charters to Marnavi of Italy.