Tankers Poised for Worst Year in Decade on U.S. Crude: Freight

Suezmaxes, hauling about 1 million barrels of oil, are poised for their worst year in more than a decade as the biggest contraction in U.S. East Coast refining in at least 20 years means less cargo on their largest trade route.

The ships, about 50 percent of the size of supertankers, will earn $15,188 a day this year, 12 percent less than in 2011 and the lowest since at least 1997, according to the median of 10 analyst estimates compiled by Bloomberg. Investors may profit from that prediction by selling forward freight agreements, traded by brokers and used to bet on future transport costs, which are anticipating an average of $17,088, according to data from London-based Marex Spectron Group Ltd., which handles the contracts.