Oil Market's Last Bastion of Strength Is Now Crashing: Chart
- Tanker rates that surged in oil price crash are now plunging
- Shipbrokers say fewer Middle East cargoes to be shipped
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Tanker rates were the thing that boomed while oil prices crashed. Now it would appear the party is over, or at least the music has stopped.
Day rates from delivering Saudi Arabia’s oil to Japan, an industry benchmark, fell to $50,955, according to the Baltic Exchange in London on Wednesday. They were above $100,000 just a month ago.