By Bill Lehane (Bloomberg) —
Earnings for oil tankers in the Middle East declined to the lowest level so far this year as the prospect of deeper OPEC+ production curbs darkened the outlook for the sector.
Freight earnings on the benchmark Middle East-to-China route declined by 21% on Friday to just $8,055 a day, according to data from the Baltic Exchange. That’s down by almost 90% since mid-June.
Saudi Arabia’s crude exports fell sharply in August as the kingdom leads an effort by the OPEC+ alliance to curb production and bolster oil prices. Observed flows from the kingdom slumped to about 5.6 million barrels a day, the lowest since March 2021, data compiled by Bloomberg show.
More pain could be on the way for oil tankers. Russia has agreed with its OPEC+ partners on further cuts to its crude exports, according to Deputy Prime Minister Alexander Novak.
© 2023 Bloomberg L.P
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
A labeling band on a single signal wire caused the electrical blackout that led to the containership Dali’s collision with Baltimore’s Francis Scott Key Bridge in March 2024, killing six...
The cost of transporting liquefied natural gas across the Atlantic Ocean surged to the highest in almost two years, as expanding exports from North America boosted demand for tankers.
Expanding sanctions on Chinese ports and refiners are choking flows of Russian and Iranian oil to the world’s No. 1 importer, although emerging workarounds suggest the slowdown may be fleeting.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
