Gulf Coast Ship Rate Rises to 4-Week High as Exports Jump
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Charter rates for tankers of gasoline or diesel from the U.S. Gulf Coast to Europe surged to the highest level in four weeks as a boost in exports from the Gulf reduced the number of available ships.
Rates for Medium-Range tankers on the Gulf Coast-to-northwest Europe route jumped 17 percent in the past week to 97 Worldscale points, the highest level since Aug. 2, according to data compiled by Bloomberg. The points are a percentage of a fixed rate for a particular route, which is revised annually by the Worldscale Association in London to reflect changing fuel costs, port tariffs and exchange rates.