Tankers Gain as US Imports Less, China More

Bloomberg
Tuesday, May 15, 2012

Tankship freight rates on the up as global oil trade pattern changes

According to Bloomberg, the U.S. is importing the least in 13 years as China buys more than ever, lengthening voyages for tankers and effectively reducing the fleet’s capacity, government data show.

Very large crude carriers, each hauling 2 million barrels, will earn $40,000 a day this year, 81 percent more than in 2011, said Andreas Vergottis, the Hong Kong-based research director of Tufton Oceanic Ltd., which manages about $1.3 billion of assets.

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