Supertankers Speed Up as Oil Prices Fall
Oil tankers are anchored near the Port of Long Beach, California.
Photographer: Tim Rue/BloombergThis article is for subscribers only.
The world’s supertankers are sailing at the fastest speeds in 2 1/2 years as a collapse in crude oil prices spurs demand for cargoes and drives up daily returns owners can make from deliveries.
Very large crude carriers, each about 1,000-feet long and able to transport 2 million barrels of oil, sailed at an average of 12.57 knots this month, according to data from RS Platou Economic Research, an Oslo-based firm. The fleet, whose steel weight is about 27 million metric tons, last moved that fast in August 2012.