
Hamilton, Bermuda, August 26, 2015
Although not much time has passed since we released our 2Q2015 report, I would like to share a few points with you at this time. As we pointed out in our message to you in November 2014, a low oil price is good for the tanker industry. There is one main reason why the price of oil is down – and that is increased production and supply of crude oil. As it stands, demand is strong but high OPEC production has resulted in increased supply of oil. The strong tanker market in the last year or so reflects that reality, and thus we have experienced both an increase in the demand for our vessels and in the rates we are able to charge for our services. As of now, we expect the significant volumes of oil being transported to continue.
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