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Record US Oil Exports Propel Supertanker Rates to Two-Year High

  • VLCC earnings rise to the strongest level since June 2020
  • Frontline sees frenetic market buoyed by higher crude supplies
Tanker Glut Signals 25% Slump In Freight Rates This Year

Photographer: Tim Rue/Bloomberg

Giant supertankers that haul crude oil across the globe are making the most money in more than two years, buoyed by swelling shipments from the US and the Middle East. 

Benchmark earnings for very large crude carriers neared $40,000 a day on Wednesday to hit the highest level since June 2020. Assessments in the industry-standard Worldscale system have jumped almost 40% in a little over a week. Shipowners said the spike was due to an uptick in loadings from the Middle East and the US Gulf.