Teekay to Euronav Win as Iraq Oil to EU Fills Iran Void: Freight
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Oil tankers designed to navigate Egypt’s Suez Canal are getting the most cargoes in at least three years as Iraq fills a void left when the European Union halted crude imports from Iran in July.
Northbound shipments on Suezmaxes climbed 36 percent to 31 a month last year, the highest tally since at least 2009, as Iraqi output grew, data compiled by Bloomberg show. Rates for the vessels carrying 1 million barrels each will rise 14 percent to $17,000 a day this year, Morgan Stanley estimates. The cargoes benefit owners from Teekay Tankers Ltd. to Euronav NV, which together control more than 10 percent of the global fleet.