tanker rates

Good news for tanker rates: Port congestion is on the rise, particularly in China. Floating storage is down from its peak, but there's a very long way to go before all those cargoes are unloaded. And on the tanker supply side of the equation, surging congestion in China is offsetting declines in...

Saudi Arabia was not bluffing when it said it would focus on crude-oil market share. New tanker charter contracts at extremely high rates confirm that a large wave of Saudi oil is definitely en route. Rates for VLCCs (very large crude carriers; tankers that carry 2 million barrels of crude oil)...

What makes markets so interesting — and maddening — is that they tend to behave in ways you didn't expect. Take crude-tanker shipping. In October 2019, the threat to oil exports from the Middle East pushed spot freight rates to $190,000 per day. The supply-demand balance is even tighter now, and...