Earnings slump

Everything seems to be moving in the wrong direction for tanker owners. The dynamics of oil shipments are also changing, as non-Opec producers raise output to the detriment of Mideast producers, changing patterns in oil routes and reducing tonne-mile shipments. Owners of LPG carriers also face a weaker market and, with gas prices depressed, there are unlikely to be major changes for LNG, writes Sidney Holloway