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MidEast Tanker Surplus Narrows

OIL

The proportional excess of supertankers in the Middle East compared with crude cargoes in the next 30 days fell to 27% Feb. 9.

  • This compares to 30% the previous week and an average of 26% in 2023.
  • Fixture activity rose over the past week for VLCC loadings from the Middle East and the Atlantic Basin.
  • Earnings on the benchmark Middle East- China route were at $42,970 on Feb. 9, up 26% on the week, according to Baltic Exchange data.
  • “It was a positive week for the VLCC market as charterers moved to cover stems before the start of the Lunar New Year and rates rebounded accordingly,” Gibson said in a note.
  • The market is now set for inactivity due to China’s Lunar New Year Holiday which lasts until Feb. 17.
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