Thoresen Shipping warns of downside risks amid the optimism
The Thai-based shipping unit of Thoresen Thai Agencies believed that there would be a potential positive impact from the upcoming IMO 2020 sulphur cap from factors such as scrubber retrofit time, slower operating speeds and increased ship recycling. Nevertheless even in the seasonally weak first quarter it managed to outperform the benchmark index by 20%
However, exceptional factors such as the decline in the global grain trade affected by the continuing US-China trade dispute and the disruption caused by Cyclone Veronica in late March weighed on performance
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