Market players see hope of oil price rebound in 2-3 years

Singapore

KEY maritime players have expressed hopes for an oil price rebound as early as within the next two to three years and that with consolidation and cost restructuring taking place this downturn, the sector will be better positioned for the next upswing in the global economy.

Persistently low oil prices may have brought on more pain than gain across key maritime sub-sectors, with the ripple effects from energy savings not delivering the expected boost to global economies that will in turn lift commercial shipping demand.