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Tanker owners see oil oversupply boosting rates

'The contango that we're seeing is one of the largest in recent memory,' Nikos Tsakos tells the Capital Link shipping forum, adding that 'we are expecting to see at these prices more storage, which will keep ships out of the market, keep the market strong'

‘We are seeing huge demand destruction in consuming nations all around the world and at the same time, we're seeing additional crude being pushed out primarily by Saudi Arabia’ — International Seaways chief executive Lois Zabrocky

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