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Actions in order to strengthen Concordia Maritime s financial position and liquidity
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Notice to the Extraordinary General Meeting of Concordia Maritime AB (publ)
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Notice to the Extraordinary General Meeting of Concordia Maritime AB (publ)
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Notice to the Extraordinary General Meeting of Concordia Maritime AB (publ)
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GOTHENBURG, Sweden, May 27, 2021 /PRNewswire/
Our belief in a structurally driven strengthening of the tanker market from the second half of 2021 stands firm. In addition, we are now also seeing short disruptions having a quick effect on the market. This is a clear indication that, despite everything, we have a market in relatively good balance.
In recent times, we have once again seen how quickly conditions can fluctuate in the tanker market – due to changes in supply or transport flows of oil. We saw it during the Evergreen situation in the Suez Canal and the Colonial Pipeline cyberattack, which cut off the flow of oil pipelines between the Gulf of Mexico and the US East Coast. Almost half of the consumption of refined oil products on the East Coast is supplied by these pipelines and in the space of just a few days the Atlantic market for product tankers had risen by almost one hundred percent – to then fall back again after just a short period of time