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OIL: Mideast Tanker Surplus Expands on the Week

OIL

An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days widened to 25%, up from 18% the previous week, Bloomberg said.

  • The average for the past 12 months is 24%.
  • Charters are also expected to get an early start on the fixtures for Oct. 1-10 loading because they want to get cargoes booked before freight rates rise any further, sources said.
  • “It will be interesting to see how quickly we see the October program move, but one negative could be upcoming holidays in the East next week which could put a temporary hold on the latest upturn,” Gibson Shipbrokers said, cited by Bloomberg.
  • Earnings on the benchmark ME-China route were $32,666, according to Bloomberg citing Baltic Exchange data, up 24%.
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