ShippingWatch

Morgan Stanley: High tanker rates indicate strong winter

Spot rates for crude oil transports out of the Middle East and Africa increased significantly last week and are expected to stay at a high level in the coming months.

Photo: BW Shipping

Longer journeys and an increasing oil export out of the Middle East, combined with a growing US import, have sent rates soaring and heralds a strong winter season for tanker carriers, says Morgan Stanley in a comment on Monday.

Middle East spot rates for the major VLCCs increased 37 percent last week compared to the previous week, while the rates for smaller Suezmax vessels in West Africa increased 23 percent.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Employee at Bunker Holding subsidiary charged for alleged corruption

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with alleged corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

Freight rates for furniture eat up almost entire profit

The price of shipping a 40-foot container with assembled furniture from Asia to the US West Coast is currently so high that freight rates make up almost 100 percent of the furniture's retail value, according to Sea-Intelligence.

Wallem Group appoints new CEO

Wallem Group appoints interim CEO since January 2021 as the new chief executive officer of the ship management company.

Further reading

Related articles

Trial banner

Latest news

See all jobs