Belgium’s Euronav expects pressure on freight rates to continue until late 2021, the tanker operator said as it reported weaker than expected quarterly results on Thursday, citing OPEC+ export cuts because of the COVID-19 pandemic’s impact on demand for oil.

Euronav swung to a fourth-quarter net loss of $58.7 million, against an average forecast of a $41.8 million loss in a Refinitiv poll of analysts.

Source: Hellenic Shipping News Worldwide