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Mideast Tanker Surplus Widest Since October

FREIGHT

An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days rose to 32%, its highest level since October, according to Bloomberg sources.

  • The average for the past 12 months is 25%.
  • The list of available tankers in the region “has remained well stocked allowing ships to be picked off at desirable levels,” Gibson Shipbrokers said, cited by Bloomberg. This has thwarted any rise in rates
  • Earnings on the benchmark ME-China route were $22,507 July 12, according to Bloomberg citing Baltic Exchange data, a year-to-date low.

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