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In a world with too much crude oil, seafaring steel monsters rule

Earnings for tankers have jumped to over US$67,000 a day in 2015, the most since at least 2009, says Clarkson

Published Wed, Dec 30, 2015 · 09:50 PM
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London

THE most destructive oil crash in a generation is giving shipowners a billion-dollar windfall.

With the Organization of the Petroleum Exporting Countries (Opec) abandoning output limits in a drive for market share, ships that carry as much as two million barrels a trip are in demand to haul crude from the Middle East to Asia and North America. While oil prices fell 34 per cent in 2015, average earnings for these carriers jumped to US$67,366 a day, the most since at least 2009, according to Clarkson plc, the world's largest shipbroker.

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