Tankers Seen Rallying by Morgan Stanley on Persian Gulf Oil
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Rates for the largest oil tankers will rally as Persian Gulf exports rebound during the next several months, driven by increased demand from U.S. refineries, according to Morgan Stanley.
As much as 500,000 barrels a day of additional crude will be shipped from the Middle East through the Northern Hemisphere summer, requiring about 20 very large crude carriers, Fotis Giannakoulis, a New York-based analyst at the investment bank, said in an e-mailed report today. Day rates for the vessels, which averaged $7,000 this year, will rise to $30,000, a level last seen in November, he said.