Sharp recovery in tanker rate likely

MISC Eagle Pilar vessel

KUALA LUMPUR: The extension of the Organisation of the Petroleum Exporting Countries plus (Opec+) output cuts into April may lend strength to oil prices, but will intensify the pain felt by the tanker shipping sector.

Nonetheless, analysts believed this would also set the stage for a strong production rebound and a sharp recovery in tanker rates in the second half of this year, which would benefit the likes of MISC Bhd.