Oil tanker rates double as demand for storage and transport resurfaces

Apr 02 2020

Supertanker freight rates were on the rise for a second time in March as producers, refiners and traders scrambled to secure ships to transport crude or store a fast-growing global glut of oil, according to Reuters reports.

Freight rates for very large crude-oil carriers (VLCC) along the Middle East Gulf to China route were assessed at about $180,000 a day on Monday, up from some $125,000 on Friday and a weekly low of about $90,000 a day on March 25, according to several ship broking sources.

Reuters article