Shipping Can Thank OPEC Policy for $29 Billion in Savings
This article is for subscribers only.
When OPEC sent oil prices tumbling last week by deciding not to tackle a global glut of crude, shipping companies the world over should have cracked open the Dom Perignon.
The CHART OF THE DAY shows how tanker owners’ earnings from hauling one-time, or spot, cargoes surged by almost 25 percent since the start of January even as oil companies and traders paid less to hire the vessels. The two lines have diverged since September when ship fuel, the industry’s single expense, tracked a crash in global crude prices.