A political deal concerning Iran's nuclear program, which would also ease the Iranian oil sanctions, could potentially trigger a doubling of the tanker rates - rates that are already experiencing the best quarterly levels in five years for the major crude oil tankers, VLCC, says US-based financial house Morgan Stanley.
VLCC spot rates have hovered at strong levels for a long period of time, at upwards of USD 47,000 per day, in spite of a small decline last week, notes Morgan Stanley, which has calculated the consequences of a repeal of the oil embargo against Iran. The oil ministry in Tehran announced recently that the country could increase its oil export by a million barrels per day in just a few months if the sanctions are lifted.
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