Tanker Supply at Seven-Month Low Seen Lifting Rates on China
This article is for subscribers only.
The glut of oil tankers competing to load in the Persian Gulf dwindled to a seven-month low as China draws shipments, setting the conditions for rates to extend the year’s biggest rally.
Fifty-five very large crude carriers are available in the world’s biggest exporting region in the next four weeks, the fewest since March 27, according to Marex Spectron Group, which handles freight derivatives. There have been 141 tankers booked to load this month, the most since December, said Kevin Sy, a broker at Marex Spectron in Singapore.