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Asian Supertanker Charter Rates Gain

OIL

Supertanker charter costs for moving crude from the Middle East to Asia have jumped to their highest since April according to Refinitiv.

  • The rate for a Very Large Crude Carrier (VLCC) from the Middle East to China, Japan and Singapore is assessed at just above worldscale 80 on Thursday.
  • Higher booking levels have tightened ship availability in the short term, as well as ships moving into the sanctioned “dark fleet”.
  • Meanwhile, the freight cost for a VLCC on the US Gulf Coast-China route jumped nearly $500,000 to $9.34 million on June 14, according to Meiwa.
  • The jump in demand signals higher arrivals in China in August.
  • High stockpiles in China at present have prompted analysts to potentially expect a slowdown in Chinese crude imports in July.
  • US crude arriving in Asia in June is estimated to hit an all-time high of 9.96 million tonnes, up 27.9% from May according to Refinitiv.


Energy BulletsCommodities
Energy BulletsCommodities

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