"Increased exports from Saudi Arabia lead to extra demand for tonnage. As an example, it has been indicated that one million barrels a day extra from Saudi Arabia to the Far East create demand for about 45 suezmaxes.
"It is simple: Increased demand leads to more transportation work for our tankers. The last days we have entered into solid contracts for our suezmax tankers in the region of $65,000 per day to more than $100,000 per day. Our operating costs are about $8,000 per day per vessel. NAT has 23 suezmaxes which can load one mill barrels each."