Supertankers Head for Worst December on Vessel Glut
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Supertankers shipping 2 million-barrel cargoes of Middle East crude oil are heading for the worst December since at least 2001 as excess vessel supply cuts what owners can charge.
Returns from shipping Middle East oil to Asia, the industry’s biggest trade route, averaged $15,350 a day so far this month. The previous worst December was in 2001, when rental income averaged $19,341, according to data compiled by Bloomberg dating back to that year.