Oil Tanker Rates Soar From Middle East as Traders Boost Bookings
- Rates to three destinations tracked by Baltic Exchange jump
- Shipping analysts say number of vessels booked is increasing
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The cost of shipping crude from the Middle East surged to all destinations, amid speculation that bookings are increasing to load crude from the world’s biggest export region.
Rates to the three destinations monitored by the Baltic Exchange in London all rose on Wednesday by 21 percent as measured by the industry’s standard Worldscale system. That drove daily returns to Japan above $100,000 while those to the U.S. jumped above $50,000. Owners accept lower rates to the U.S. because it’s a longer voyage, with better prospects for return cargoes than when ships go to Asia.