Oil Tanker Industry Is In An Ocean Of Trouble

There has been more than enough written about the woes of various segments of the oil industry and related industries so far this year. But there is one industry that actually thrived during the worst of the crisis: as the world drowned in oil amid slumping demand and excess supply, tanker owners enjoyed a bounce in freight rates as these vessels remained the only storage space for unsellable crude. But things have changed. OPEC+ oil production cuts helped bring down global inventories, including the massive amounts of oil in floating storage.…