Tanker freight rates soared to their highest levels of the year this week as Asian importers scrambled to secure crude supplies from the U.S. after attacks on Saudi Arabia’s oil facilities took a big chunk out of global output.
“It’s been crazy over the last week and demand for very large crude carriers continues to be strong this week from traditional Far East importers like Korea, China and Japan,” said George Lazaridis, head of research and valuations at Athens, Greece-based vessel brokerage Allied Shipbroking Inc. “Oil majors like Exxon Mobil and Vitol have been very active seeking VLCC [very large crude carrier] bookings.”
London and Singapore brokers said daily spot rates for supertankers were quoted at above $43,000 this week from less than $30,000 before the Sept. 14 attacks in Saudi Arabia.
“Chinese importers have been advised by Beijing to avoid U.S. cargoes because of the ongoing trade tensions, but when there is so much demand, such things are sidelined,” a London broker said.
“Chinese importers have been advised by Beijing to avoid U.S. cargoes because of the ongoing trade tensions, but when there is so much demand, such things are sidelined,” a London broker said.
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