Why Supertanker Rates Are Suddenly Crashing ...Middle East

OILPRICE - Economy
Why Supertanker Rates Are Suddenly Crashing
source : OILPRICE ( Middle East ) () 25
Earlier in the year, supertanker freight rates hit record levels as traders scrambled to park crude in storage to take advantage of a record gap between spot and future prices shortly after Russia invaded Ukraine. Freight rates for very large crude-oil carriers (VLCC) along the Middle East Gulf to China route reached as high as $180,000 a day while VLCC time charter rates for floating storage jumped to as much as $120,000 per day. But the situation has now reversed with supertanker rates plunging sharply. According to Bloomberg, ships capable of…

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