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FREIGHT: Mideast Tanker Surplus Shrinks

FREIGHT
Energy BulletsBulletCommodities

An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days shrank to 20%, according to Bloomberg sources. This is down from 24% last week.

  • The average for the past 12 months is 24%.
  • A source told Bloomberg that winter demand is continuing to support flows, with the Oct. 21-31 period largely fixed.
  • New refineries like Shandong’s 400k b/d Yulong petrochemical plant also bolsters the outlook for the coming months.
  • Earnings on the benchmark ME-China route were $32,918, according to Bloomberg citing Baltic Exchange data.
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An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days shrank to 20%, according to Bloomberg sources. This is down from 24% last week.

  • The average for the past 12 months is 24%.
  • A source told Bloomberg that winter demand is continuing to support flows, with the Oct. 21-31 period largely fixed.
  • New refineries like Shandong’s 400k b/d Yulong petrochemical plant also bolsters the outlook for the coming months.
  • Earnings on the benchmark ME-China route were $32,918, according to Bloomberg citing Baltic Exchange data.