Tanker Rates Tumble on Key Route as China Cuts Crude Purchases
- Haulage fees from Mideast have declined by a third this year
- Nation’s imports ease on economic slowdown and fuel-switching
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Spot rates for hauling crude on the largest vessels from the Middle East to China, a benchmark route, have sunk by a third this year as demand in the top importer slows and OPEC+ delays the restart of idled supply.
The industry’s go-to measure for the route — which excludes loadings in Iran — typically rises in the final quarter on seasonal factors compared with the preceding three months, but it’s bucked that trend this year.