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Mideast Tanker Surplus Expands to Widest in 8-Months

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An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days widened to 32%, according to Bloomberg sources.

  • This is the widest since Oct. 13 and compares to 30% a week ago, Bloomberg said. The average for the past 12 months is 25%.
  • “The hope is now that with the majority of the third decade still needing to be covered, rates will bottom and slowly start to increase but with the lack of support from the West, sentiment will remain on uneven ground heading into next week,” Gibson Shipbrokers said regarding exports for July 21-31, cited by Bloomberg.
  • Earnings on the benchmark ME-China route fell to $23,749 July 5, a year-to-date low, 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 widened to 32%, according to Bloomberg sources.

  • This is the widest since Oct. 13 and compares to 30% a week ago, Bloomberg said. The average for the past 12 months is 25%.
  • “The hope is now that with the majority of the third decade still needing to be covered, rates will bottom and slowly start to increase but with the lack of support from the West, sentiment will remain on uneven ground heading into next week,” Gibson Shipbrokers said regarding exports for July 21-31, cited by Bloomberg.
  • Earnings on the benchmark ME-China route fell to $23,749 July 5, a year-to-date low, according to Bloomberg citing Baltic Exchange data.

Keep reading...Show less