Persian Gulf Tanker Rates 11-Month High

According to a Dec. 17 report from the Nigerian website, www.punchng.com, the cost of delivering Middle East crude to Asia, the world‘s busiest route for supertankers, rose to an 11-month high because of reduced supply of vessels for hire. Charter rates for very large crude carriers, or VLCCs, on the industry benchmark Saudi Arabia to Japan route climbed 1.4 percent to 57.75 Worldscale points according to the London-based Baltic Exchange.

(Source: www.punchng.com)