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MIDDLE EAST CRUDE TANKER RATES RISE.

Crude oil tanker earnings on the major Middle East route were higher this week with firmer bookings by buyers in Asia bolstering sentiment. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan reached W58.47 in the Worldscale measure of freight rates, or $38,159 a day when translated into average earnings.

That compared with W52.07 or $27,832 a day on Monday and W47.17 or $19,632 a day last Tuesday.

"A busy start to the week as most of the remaining February requirements, (which were actually quite a few), get covered which allowed rates to move up," broker Marex Spectron said.

Omar Nokta of Global Hunter Securities added: "VLCC bookings have been more active this week and rates are rising.

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Publication:Pakistan & Gulf Economist
Date:Feb 23, 2014
Words:129
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