Analysts: Tanker rates to fall again in 2016

Analyst firm Drewry expects tanker rates to fall next year. Strong fleet expansion and an anticipated drop in the trade of crude oil will, according to the analyst firm, play a large role in the price decline.

The tanker industry can look forward to a decline in daily rates next year, predicts analyst firm Drewry in its latest report on the tanker market, according to the American Journal of Transportation.

From record levels of USD 111,000 for a VLCC transporting crude oil from the Middle East to Asia, according to Bloomberg news, daily rates for tanker vessels will be pushed down, due to fleet expansion and the declining trade of crude oil on the markets.

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