Free Trial

USGC-Europe Clean Tanker Rates Soar: Bloomberg

FREIGHT

Daily earnings for medium range tankers on the USGC-Continent route climbed by 14% to $38,257 May 31, a year-to-date high, according to Bloomberg citing Baltic Exchange data.

  • Daily earnings on the USGC-Brazil route rose 22% to $44,934, also a year-to-date high.
  • “Medium-range product carrier rates continue to make big gains driven by strong US export activity,” Jefferies managing director Omar Nokta said in a note, cited by Bloomberg.
  • Nokta noted that cargo volumes from the USGC have held up despite weakening cracks.
82 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Daily earnings for medium range tankers on the USGC-Continent route climbed by 14% to $38,257 May 31, a year-to-date high, according to Bloomberg citing Baltic Exchange data.

  • Daily earnings on the USGC-Brazil route rose 22% to $44,934, also a year-to-date high.
  • “Medium-range product carrier rates continue to make big gains driven by strong US export activity,” Jefferies managing director Omar Nokta said in a note, cited by Bloomberg.
  • Nokta noted that cargo volumes from the USGC have held up despite weakening cracks.