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Tanker Glut Signals 25% Drop on 26-Mile Line of Ships

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IDLE HANDS ARE THE DEVIIL'S WORK
"A 26-mile-long line of idled oil tankers, enough to blockade the English Channel, may signal a 25 percent slump in freight rates next year," according to Bloomberg. "The ships will unload 26 percent of the crude and oil products they are storing in six months, adding to vessel supply and pushing rates for supertankers down to an average of $30,000 a day next year, compared with $40,212 now, according to the median estimate in a Bloomberg News survey of 15 analysts, traders and shipbrokers. That’s below what Frontline Ltd., the biggest operator of the ships, says it needs to break even."
SOURCE:   Bloomberg

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