Subscribe to RSS feedVLCC spot market faces new turmoil
by
Obsidian
—
last modified
Jan 29, 2009 12:00 AM
Spot rates for very large crude carriers (VLCCs) are projected to take a severe beating in the coming months as Organisation of Petroleum Exporting Countries output cuts coincide with the simultaneous return to trading of tankers storing crude.
The latter scenario is tied in with the expectation that the futures contango on crude oil prices, which is making it more attractive to hold on to the stored oil to sell more profitably in the future.
As Opec...
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