Tanker Owner BW Maritime Refuses Cargoes as Rentals Plunge
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BW Maritime, a Singapore-based owner of 15 supertankers, said it is declining cargoes as a glut of the vessels causes rents to plunge, joining rival Frontline Ltd. in refusing charters.
“This is being done on a case-by-case basis rather than systematically, but we do feel that the current market levels are dangerously low,” Chief Executive Officer Andreas Sohmen-Pao said by e-mail today. “We are not chartering vessels when we feel that the rates are insufficient to cover the operational risk of moving them.”