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.

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