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FREIGHT: Mideast Tanker Surplus Expands

FREIGHT

An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days widened to 23%, according to Bloomberg sources.

  • This compares to 17% the previous week. The average for the past 12 months is 25%.
  • “VLCC rates have plummeted to their lowest level this year as charterers took advantage of weaker sentiment amongst owners,” Gibson Shipbrokers said, cited by Bloomberg.
  • Gibsons added that the lack of fixtures in the Atlantic, particularly WAF, is having an adverse effect, giving owners fewer options.
  • Daily supertanker earnings were $20,609, a year-to-date low according to Bloomberg citing Baltic Exchange data.
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