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Fearnley: Spot rates on crude oil transports have peaked

Rates on crude oil transports from the Middle East to the Far East seem to have peaked for now, says Fearnley, pointing to a softer rate level going forward.

BW Utik VLCC | Photo: BW Shipping

After steadily rising to towering levels, it now looks like the market for crude oil transports has peaked, and that the rates will reach a somewhat softer level going forward, says Norwegian analyst agency Fearnley in an update Thursday.

Some of the carriers active in the crude segment with the major VLCC supertankers will likely continue to hope for increased rates.

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