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FREIGHT: Mideast Tanker Surplus Widens

FREIGHT
Energy BulletsChinaBulletAPACCommodities

An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days widened to 24%, according to Bloomberg sources.

  • This compares with 20% seen last week.
  • The average for the past 12 months is 25%.
  • Traders told Bloomberg that fixtures for early February from the region have yet to get going, as Saudi Arabian cargoes for Feb. 1-10 loading have just reached the market.
  • Earnings on the benchmark ME-China route were $57,589, 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 24%, according to Bloomberg sources.

  • This compares with 20% seen last week.
  • The average for the past 12 months is 25%.
  • Traders told Bloomberg that fixtures for early February from the region have yet to get going, as Saudi Arabian cargoes for Feb. 1-10 loading have just reached the market.
  • Earnings on the benchmark ME-China route were $57,589, according to Bloomberg citing Baltic Exchange data.