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Marine fuel is too cheap for the environmental damage that it causes and sea transport does not reflect the true cost of bringing goods to market. These are the views of Euronav’s forthright ceo, Paddy Rodgers, who recently surprised the shipping community when he revealed his plans to step down later this year.

Euronav is taking over Gener8 Maritime in an all stock merger creating a new giant in the large tanker sector.

Euronav reporting its strongest Q1 earnings for eight years at $113.5m is bullish on tanker prospects thanks to “manageable” fleet growth in the coming quarters.

Tanker operator Euronav booked a $350m profit in 2015, its best since 2008, in what ceo Paddy Rodgers described as a “landmark year”.

As private equity becomes a more established part of the shipping industry's financing mix, its judgement by industry leaders has moved to something more substantial than the "wait and see" of just a couple of years ago.