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Mideast Tanker Surplus Smallest Since Feb 2023

FREIGHT

An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days narrowed to 14%, the smallest since Feb. 2023, according to Bloomberg sources.

  • This is down from 30% a week earlier, Bloomberg said.
  • “Optimism is returning to the VLCC market as increased activity in the MEG and a busier USG contribute to improved sentiment,” Clarksons said, cited by Bloomberg.
  • Earnings on the benchmark ME-China jumped by $15,248 on the week to $38.317, according to Bloomberg citing Baltic Exchange data.

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