Challenges 'do not bode well for the rest of the year' after difficult Q1.

Hiring armed security personnel is cheaper than sailing at speed in areas threatened by pirates.

'The Panamanian government has assured its assistance to Petrotrin and NPMC to secure the necessary permits.'

Total bunker costs increased 44% to $1.9 billion during the first quarter while freight rates remain low, says Maersk.

Preference for fuel efficient vessels amid high bunker prices provides more incentive to scrap older vessels, it says.