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Middle East Oil Tanker Surplus Narrows: Bloomberg

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An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days fell to 19%, according to Bloomberg sources.

  • This compares to 20% a week ago, Bloomberg said, while the average for the past 12 months is 25%.
  • “Charterers continue to drip feed cargoes in the Middle East market, leading to a sluggish June 10-20 fixture period and weaker rates,” Gibson Shipbrokers said, cited by Bloomberg.
  • Earnings on the benchmark ME-China route fell to $35,245 May 31, the lowest since April 24, 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 fell to 19%, according to Bloomberg sources.

  • This compares to 20% a week ago, Bloomberg said, while the average for the past 12 months is 25%.
  • “Charterers continue to drip feed cargoes in the Middle East market, leading to a sluggish June 10-20 fixture period and weaker rates,” Gibson Shipbrokers said, cited by Bloomberg.
  • Earnings on the benchmark ME-China route fell to $35,245 May 31, the lowest since April 24, according to Bloomberg citing Baltic Exchange data