Oil-Tanker Earnings Advance on Benchmark Trade Route to Asia
Daily earnings for very large crude carriers on the Saudi Arabia-to-Japan voyage gained 0.6 percent to $27,762, figures from the London-based exchange showed today. Earnings reached the highest level since May on Nov. 20, lifted by stronger demand for crude as winter approaches. Each of the ships can haul 2 million barrels of oil.
Charter costs for VLCCs on the benchmark voyage declined 0.5 percent to 55.29 industry-standard Worldscale points, according to the exchange.
The Worldscale system is a method for pricing oil cargoes on thousands of trade routes. Each individual voyage’s flat rate, expressed in dollars a ton, is set once a year. Today’s level means hire costs on the benchmark route are 55.29 percent of the nominal Worldscale rate for that voyage.
The Baltic Dirty Tanker Index, a broader measure of oil- shipping costs that includes vessels smaller than VLCCs, fell 0.3 percent to 723, according to the exchange.
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