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Middle East Oil Tanker Surplus Widens

FREIGHT

An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days expanded to 28%, according to Bloomberg sources.

  • This is up from 25% the previous week and compares to a year-to-date average of 26%.
  • Gibson shipbrokers noted that the Middle East crude market experienced a lackluster week on VLCCs.
  • “There are signs of a softening sentiment as we enter the weekend with holidays in the Far East and upcoming Eid in the Middle East expected to have a negative impact,” Gibson said in a note.
  • Daily earnings on the ME-China route were $41.417k April 5, stable on the week, according to Baltic Exchange data.

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