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Hike in M-E crude refining lifts long-haul tanker rates

Published Tue, Oct 1, 2013 · 10:00 PM
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[LONDON] The biggest expansion in Middle East crude refining on record is driving rates for vessels hauling everything from diesel to jet fuel toward a six-year high.

The Middle East will this year increase capacity to process crude by 530,000 barrels a day, or 6.4 per cent, the most in data going back to 1994, says Pareto Securities AS. More cargoes will diminish the number of idle vessels and daily rates for long-range tankers, each…

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Transport & Logistics

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