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Middle East Has Largest Tanker Surplus in 7 Weeks

FREIGHT

The excess of supertankers in the Middle East compared with crude cargoes for the coming 30 days expanded to 30% Feb.2, according to Bloomberg citing market sources.

  • This compares to 27% the previous week and a 26% average over the past year.
  • Earnings on the ME-China route were $34,017 Feb. 2, compared to $33,519 the previous week, according to the Baltic Exchange.
  • Tanker owners hope for a rally next week as charters move to cover before the Chinese New Year holiday Feb. 9-17, according to a note by Gibsons.

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