Oil-Tanker Losses Persist as Owners Contend With Vessel Surplus
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Losses for oil-tanker owners hauling Middle East crude to Asia narrowed, amid an oversupply of vessels for loading in the Persian Gulf and few cargoes.
Daily losses for very large crude carriers on the benchmark Saudi Arabia-to-Japan voyage shrank to $5,780, figures from the Baltic Exchange in London showed today. VLCCs were losing $6,356 a day on Aug. 3, exchange data showed. The ships were earning $41,093 daily at this year’s high in April.