He believes that the perceived recovery in the tanker market in the first half of last year was an aberration because the increase in crude liftings that filtered into increased cargoes in the product and to some extent chemical sectors was not based on fundamentals.
"The big question is once they finish their production runs what will they do with the products," he asked. Marjarian pointed out that until the Western economies recover there will be little real demand and production runs will drop off again and lead to poor rates as cargoes disappear.
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