Oil prices to boost Ocean Tankers Cyprus profits in 2008

Ocean Tankers Holdings, the only public company quoted in the ‘Shipping’ sector of the Cyprus Stock Exchange, expects the current oil crisis to benefit the company and propel profits from a projected USD 3,5 mln in 2007 to USD 20 mln next year.

With sea-going vessels accounting for 92% of all commercial transport, yet 24 times cheaper than any other mode of transport, the prospects for any tanker fleet are extremely favourable.