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Middle East Oil-Tanker Surplus Ticks Up Amid Cargo Scarcity

OIL

The excess of supertankers in the Middle East compared with crude cargoes in the coming 30 days rose to 21%, according to Bloomberg.

  • This compares to 18% a week ago, which was a year-to-date low.
  • Activity had been quiet in the first half of the week to March 1.
  • However, more cargoes have emerged requiring freight bookings, so fixtures should pick up in the coming week.
  • Earnings on the ME-China route were $36,672 per day on March 1, down 14% on the week, according to Baltic Exchange.

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