Euronav CEO Hugo De Stoop is leaving with immediate effect from the Belgian tanker company at the centre of a failed merger with John Fredriksen’s Frontline.

Scorpio Tankers announced it will exercise purchase options on five MR tanker built between 2019 and 2020.

Counter-seasonal movements in the first quarter 2023 large tanker market have only been seen twice previously since 1990, according to Euronav’s latest earnings report.

Investors in the tanker market have been closely following the recent batch of earnings reports, conference calls and analyst recommendation as the market eased since the boom times of 2022.

Chile-based SAAM, one of the leading logistics companies in the Americas, has concluded the purchase of 21 tugboats from the Brazilian company Starnav.

Maersk expects the first quarter 2023 will be the strongest of the year, but revenues were down 26% or $5.1bn compared to Q1 2022.

Scorpio Tankers announced a strong set of first quarter results, doubling its revenue and returning to profit in the first three months of 2023.

Cameron Mackey, the Chief Operating Officer of Eneti, grappled with the topic of the future of the maritime industries as guest speaker at the Connecticut Maritime Association (CMA) annual meeting.