Saudi Arabia-Japan Tanker Rates Fall, Prompt Speed Speculation

The cost of hauling Middle East crude oil to Asia slid for a sixth day, prompting speculation some tanker owners may consider reducing ship speeds to save on fuel costs and cut vessel supply.Charter rates for very large crude carriers, or VLCCs, on the industry’s benchmark Saudi Arabia-to-Japan voyage fell 1.5 percent to 45.32 Worldscale points, according to the Baltic Exchange in London. Returns from the route, the world’s busiest for supertankers, dropped 11 percent to $8,111 a day.
[Read More]
Source: Bloomberg