Goldman Lowers Estimates for Crude Oil Tankers, Suezmax Vessels

Goldman Sachs Group Inc. (GS) lowered its rate estimates for very large crude carriers by 11 percent and for Suezmax vessels by 14 percent, citing reduced oil imports into the U.S. from the Arabian Gulf given higher North American production and slower petroleum demand.

Asset values are down 5 percent for very large crude carriers and 7 percent for Suezmax ships since April, Goldman analyst Edouard Baldini wrote in a report dated today, citing unidentified ship brokers.

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