Free Trial

Mideast Oil Tanker Surplus Shrinks amid Higher Private Bookings

FREIGHT

An excess of supertankers in the Middle East compared with crude cargoes for the coming 30 days dropped to 25%, according to the median estimate of three Bloomberg sources.

  • That is down from 30% during the previous week and an average over the past year of 26%.
  • Tonnage has declined during the week despite a lack of early-May cargoes because of more private fixing, sources told Bloomberg.
  • Middle East freight earnings fell during the week amid a lack of early-May cargo nominations adding pressure.
  • Daily earnings on the benchmark Middle East-to-China route were at $35,740 April 19, down 8.7% on the week.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.