HOEGH finally won against the minority shareholders by a meagre 3% putting the EGM around Easter in Bermuda using all tricks possible. The regulators involved – OSE and SEC- have done a very poor job if no job at all defending the minority shareholders. This is a Red Flag sent to all minority shareholders of shipping companies headquartered in Monaco, Bermuda, Cyprus… hence the majority of them. Regardless of your quotation place, it is then easy to abuse your shareholders by applying the unfriendly rules of these exotic tax havens…. It is unbelievable that the regulators stand still as it is very bad publicity for the Oslo stock exchange and to some extent the NYSE.. But after GAMESTOP or SPACS looming catastrophy… Who cares?
Tanker land could become more lively with the future re opening of pumping in Saudi Arabia. We expect 2 million barrels per day more by the end of July and exports to go back to 17 million barrels per day. The macro economic figures look very strong for oil consumption to resume a trend of 100 million boe per day demand by year-end.
Land storage is only at 57% which is historically low and refinery utilisation is going up. Q2 and H2 should revive the tanker trade.