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Tanker Rates Seen Sinking 35% as Refinery Closures Leave Surplus of Ships

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THE NAUTICAL PILE
"The most profitable supertanker market in more than a year is heading for a 35 percent slump as oil refineries from Japan to the U.K. shut for maintenance and leave a surplus of vessels," according to Bloomberg. "The most extensive shipbuilding program in three decades is adding supplies and fewer tankers are being used to store crude, swelling the number of available vessels just as global oil demand drops for the first time in a year."
SOURCE:   Bloomberg

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