Crude oil rates reach five-year high

Asia is keeping the current tanker market boom going at a pace that not even the recent hikes in the oil price have been able to stop, reports Morgan Stanley in a market briefing on Tuesday.

Photo: DHT

Spot rates for the major VLCC crude tankers climbed to a five-year high last week, the highest level since the first quarter 2010 thanks to massive chartering activity and a towering output at Asian refineries. Not even the recent jumps in the oil price have been able to put a damper on the rate developments, says financial house Morgan Stanley in a market report Tuesday morning.

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