Oil-Tanker Losses Widen as Ship Bookings From Middle East Slump
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Losses widened for oil tankers hauling 2 million-barrel crude cargoes on the industry’s benchmark route to Asia from the Persian Gulf as the number of bookings slumped.
Very large crude carriers on the Saudi Arabia-to-Japan voyage are losing $5,529 a day, according to data today from the Baltic Exchange in London. Returns have been negative for 18 sessions in a row and were at minus $5,130 on July 27. The ships were earning $41,093 on April 2, the highest level this year.