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Supertanker Rates Gain As Middle East Cargoes Increase

OIL

Earnings for crude supertankers posted their second largest daily gain since 2020 with an increase in cargoes from the Middle East for late June combined with limited available ships according to Bloomberg.

  • The increase comes despite the pledged production cuts which started in May from various OPEC members including Saudi Arabia, the United Arab Emirates and Kuwait.
  • Monsson disruption to an oil port in India could delay vessels return to the Persian Gulf and strong demand from the US and Brazil has also restricted the number of supertankers available in the Middle East.
  • Supertanker rates from the Middle East to China climbed by almost $20,000 a day on Monday according to the Baltic Exchange.




Source: Bloomberg

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