The number of gasoline cargoes booked on tankers for shipment to the U.S. after loading at ports in northwest Europe will expand in the next two weeks, according to a Bloomberg survey.
Traders will charter a total of 34 Medium Range vessels for loading within the 14 days to April 16, according to the median in the survey yesterday of five shipbrokers and traders specializing in shipments of the auto fuel. That compares with 20 tankers in the corresponding survey last week.
U.S. gasoline demand rose in the second quarter of every year since at least 1998, Energy Department data show. The nation’s consumption of the fuel normally peaks during the so-called driving season from the Memorial Day holiday in late May to Labor Day in early September.
There are 40 ships seeking charters, up from 36 last week, the survey showed. Of the 34 shipments, which are normally about 37,000 metric tons each, 16 are anticipated and the rest have been arranged, according to the respondents.
Daily earnings for tankers on the trans-Atlantic voyage fell 3.9 percent to $12,294, figures from the London-based Baltic Exchange showed today. Returns reached this year’s high of $23,325 on Feb. 1 as demand for gasoline from West Africa and the U.S. spurred charters.
The survey is based on the industry’s benchmark Rotterdam-to-New York trade route. The voyage takes about 11 days at 12.5 knots, according to the sea-distances.com website.
*T April 2 March 26 Change Ships Hired 18 13 38% Ships Probably Hired 16 7 129% Total Hired 34 20 70% Available Ships, Europe-U.S. 40 36 11% *T