The Business Times

Rates for Gulf oil products tankers rally on fresh sales

MR tanker rates hit $17,465 a day, a new high since 2012

Published Tue, Nov 19, 2013 · 10:00 PM
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[LONDON] Clean tanker rates on major export routes were mostly lower on Monday although strong cargo bookings from the US Gulf sent earnings for shipments from that region to new record highs.

Rates for medium-range (MR) tankers for 37,000 tonne cargo on the TC2 route from Rotterdam to New York were at W70.21 in the Worldscale measure, or minus $2,680 a day when translated into average earnings.

That compared with W70.29 or -$2,620 a day on Friday and W72.17 or -$1,999 last Monday. Average earnings have fallen in recent weeks to the lowest levels since they were first compiled in 2008, exchange data showed. "Fronthaul TC2 rates out of Europe remained negative," Deutsche Bank said on Monday.

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