Oil-Tankers Rising 18-Fold Show Refiners’ Rush for Crude
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A 18-fold surge in oil-tanker rates in two weeks is a sign that European refineries are rushing to secure cargoes of crude from Libya as an uprising against leader Muammar Qaddafi disrupts supply.
Rental income from aframax tankers, capable of carrying about 600,000 barrels of oil, was at $46,330 a day today, from $2,511 on Feb. 14, data from the Baltic Exchange in London show. The ships, most commonly used to carry oil across the Mediterranean, now cost more than supertankers, which are more than three times bigger, according to data from the bourse, which publishes rates for more than 50 maritime routes.