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Mideast Tanker Surplus Widest in 11 Weeks: Bloomberg

FREIGHT

An excess of supertankers in the Middle East compared with crude cargoes for the coming 30 days expanded to 30%, according to Bloomberg.

  • This is the widest level since April 12, and up from 26% the previous week.
  • The 12-month average stands at 25%.
  • Private fixing has kept a lid on freight rates, sources told Bloomberg, allowing fixtures to be booked without cargo prices being quoted.
  • The position list of available tankers in the region remains long, Bloomberg said.
  • Only 20 cargoes have emerged for the July 11-20 period compared to 50 usually.
  • Daily earnings on the benchmark ME-China route were $25,655 June 28, a year-to-date low and down 2% on the week, according to Baltic Exchange data.
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