Tankship Freight Rates in Swift Freefall

The biggest slump in tanker rates since January is signaling weaker U.S. oil imports, and is causing a 15-year low in the shares of one major crude-oil tankship operatore, reports Bloomberg.

Rates for the biggest crude carriers tumbled 68 percent in the past two weeks, more than reversing their advance since the end of June, says Bloomberg, citing Clarkson Plc, although earnings had risen after oil cargoes to the U.S., the second-biggest source of demand for supertankers, expanded for three months.

Rates for very large crude carriers, each hauling 2 million barrels, fell to $7,954 a day on Aug. 2, having risen as high as $24,493 on July 12, according to Bloomberg, again citing Clarkson.

Source: Bloomberg