Oil Tanker Rates Fall to Lowest Level in 6 Weeks as Vessel Glut Increases

Bloomberg reported that charter rates for oil tankers carrying oil from the Middle East to Asia reached their lowest levels in 6 weeks as a surplus of vessels looking for cargoes increase.

As quoted in the market news:

The supply of VLCCs available to load in the Persian Gulf over the next 30 days expanded by 10 to 91, Marex Spectron Group said in an e-mailed report. That compared with 88 ships a month earlier, Marex Spectron data showed. The fleet’s total carrying capacity will rise 5.1 percent this year, above demand growth of 4.9 percent, according to data from Clarkson Plc (CKN), the world’s biggest shipbroker.

Click here to read the full Bloomberg report.