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A Flash in the Pan? (Macro Macchiato 29/10/19)
Earlier this month I gave a presentation to an invited audience of oil tanker owners. This in itself is not unusual. What was unusual on that particular day was the ballistic rise in oil tanker earnings. The freight market was spooked by US sanctions on elements of the COSCO ship owning behemoth, by Exxon’s refusal to hire any ship that had visited Venezuela in the last year, by US sanctions on Iran, by attacks on ships in the Middle East (it was an Iranian tanker that ironic