Denmark-based product tanker owner Concordia Maritime has postponed its Oslo listing plan for now.
The company had said towards the end of last year it was examining the feasibility of switching its shares to Norway from Sweden to broaden investor interest.
The outfit is the only shipping company listed on the Nasdaq Stockholm Exchange.
"In view of the developments in the world, these plans are being put on hold," Concordia said on Wednesday.
The company has completed its physical move from Sweden to Denmark. There are only three shored-based employees, however, and chief executive Kim Ullman has stayed in Sweden.
Net earnings in the first quarter rose to SEK 29m ($2.88m), from SEK 1.7m in 2019, in strong markets.
Revenue grew to SEK 348.6m, against SEK 310.7m.
Spot market earnings for its product tanker fleet were $19,700 per day, up from $17,800 in 2019.
This was higher than the market average of $18,800, Concordia said.
Volatile markets
Ullman said the market in the early part of 2020 was volatile but strong for most tanker shipping segments.
"The trend in January followed the positive, structural-based trend we have seen since the end of 2019. After a decline in February, a record-low oil price and high production boosted oil trading, which in turn brought high rates in the tanker market," he added.
But he said the coronavirus continues to paralyse the world.
"Corona effects in the form of reduced transport flows of goods and people contributed to a decline in the tanker market during February," he added.
"However,the market was strong again in March, mainly due to a low oil price and a lack of agreement within Opec+ regarding further production cuts."
Concordia has a good contract and spot market mix, he said.
He warned however that accumulated stocks of oil held on tankers will gradually start to empty, and this will result in reduced demand for vessels.
Storage will continue to increase during most of the second quarter, Ullman believes.
"We will then hopefully see a slow return to more normal transport flows starting in Q3 – with higher consumption (and also drawing of stocks) as a result," he said.
"In the short term, it is our assessment that accumulated stocks will contribute to a continuation of the strong market."
