Returns from shipping Middle East crude oil to Asia, the world’s busiest route for supertankers, more than tripled this week as owners rejected unprofitable cargoes.
Rental income from very large crude carriers, or VLCCs, hauling Saudi Arabian crude to Japan advanced 21 percent to $20,133 a day today, according to the London-based Baltic Exchange. Returns were $6,237 a week ago. The weekly jump was the largest since September, according to exchange prices.
Frontline Ltd., the biggest VLCC operator, said Aug. 4 it would anchor ships until a slide in freight rates was reversed. Maersk Tankers, a unit of A.P. Moeller-Maersk A/S, said two days later it would consider the same strategy.
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