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Tanker rates tumble after OPEC meeting

Rates for supertankers in the Middle East have plunged to the lowest level since 2014 for this time of year, reports Morgan Stanley. The investment bank expects strained rates for some time going forward.

Photo: BW Shipping

Tanker rates for crude oil are tumbling down following last week's OPEC deal and are currently hovering at the lowest level since 2014 for this time of the year, notes Morgan Stanley in an update Tuesday.

Demand in the Middle East in May was down 18 percent compared to the same period last year. This happened despite a moderate improvement last week and at a time when a growing number of newbuilding deliveries combined with last week's OPEC decision will likely keep rates under pressure for some time going forward, writes the investment bank.

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