Tanker Rates Have Biggest Weekly Gain of 2011 on Western Demand
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The cost of shipping Middle East crude oil to Asia, the world’s busiest route for supertankers, had this year’s biggest weekly advance on hire demand from Western countries.
Charter rates for very large crude carriers, or VLCCs, on the industry’s benchmark Saudi Arabia-to-Japan voyage rose 11 percent this week to 49.85 Worldscale points, according to the Baltic Exchange in London. That was the largest gain since the week ended Dec. 24. Rates climbed 0.8 percent today.