Subscribe to RSS feedEarnings tumble in big suezmax slump
by
Liz McCarthy, London
—
last modified
Jul 23, 2009 04:37 PM
SUEZMAX owners have seen the price to ship West African crude to the US drop to a record low of W37.5, or around US$1,500 per day.
Fewer vessels hired for storage, more newbuildings entering the fleet and a summer slowdown in crude demand pushed the market into a “horrific” situation last week, brokers reported.
“When it went to W40, everyone was saying, ‘It’s not going...
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