Ships in Demand

The tight oil market has created boom times in the shipping industry as tank rates soar.

In its third quarter report to investors, Ugland Nordic Shipping said it had booked earnings of nearly USD 18 million (NOK 169 million) so far in 2000, compared with less than USD 13 million (NOK 122.5 million) in all of 1999. "This is by far the best result in Ugland Nordic Shipping's history, and it will get even better," Managing Director Herbjørn Hansson told reporters.