(MENAFN) Due to increased shipments from the US and the Middle East, enormous supertankers that transport crude oil around the world are earning more money than they have in more than two years.
On Wednesday, benchmark earnings for very big crude carriers surpassed $40,000 per day for the first time since June 2020. In just over a week, ratings in the widely used World scale system increased by about 40%. According to shipowners, the increase was brought on by a rise in loadings from the US Gulf and the Middle East.
When producers reduced output early in the outbreak, tanker demand fell; but, record US crude exports and an increase in flows from the Organization of Petroleum Exporting Countries are now raising amounts of oil at sea. Additionally, the global fleet has been severely stretched as a result of the rerouting of Russian oil supply.
“We now see frenetic activity in all key basins and rates are moving up quickly,” Lars Barstad, chief executive officer of Frontline Management AS, which runs the ships of one of the world’s largest tanker companies, stated.
“Global oil supply has reached a pivotal point with US production, SPR releases and lastly healthy Saudi volumes, while the rerouting of Russian flows is also boosting the distances ships are covering,” as per Barstad.
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