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Persian Gulf tanker rates may drop as supply goes up

Persian Gulf tanker rates may drop as supply goes up
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First Published: Thu, Jul 10 2008. 10 34 PM IST
Updated: Thu, Jul 10 2008. 10 34 PM IST
The cost of shipping West Asian crude to Asia, the world’s busiest route for supertankers, may drop for a seventh day as the supply of ships builds up before the onset of August cargo demand.
Demand during the second week of the month is usually weaker as West Asian oil producers including Saudi Arabia and Kuwait decide monthly cargo-loading schedules from their ports for the following month. If refineries see more tankers becoming available for hire, they’ll wait longer to book them to take advantage of competition among owners.
No new double-hull tanker bookings were reported by ship brokers on Thursday for cargoes to Asia. The London-based Baltic Exchange’s benchmark assessment for eastbound shipments slipped 0.15 Worldscale points to 233.91 points on Wednesday, its sixth straight decline. Worldscale points are a percentage of a nominal rate, or flat rate, for more than 320,000 specific routes.
Bloomberg
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First Published: Thu, Jul 10 2008. 10 34 PM IST