OPEC+ Curbs Spark 85% Rout in Oil Tanker Rates After Boom
- Shock supply cutback by cartel has reduced number of cargoes
- Cartel’s move has ‘culled the cargo count,’ Oil Brokerage says
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Benchmark rates for oil-carrying supertankers have collapsed as OPEC+ follows through on a surprise vow to slash supply to shore up prices, reducing volumes shipped across the world’s oceans.
Vessels hauling 2 million barrels of crude from the Middle East to China are earning a little over $14,000, down from more than $97,000 on March 20, according to Baltic Exchange data. That’s dented the share prices of listed owners including DHT Holdings Inc. and Frontline PLC.