Oil Tankers News
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Charter rates for the largest oil tankers hauling Middle East crude to Asia rose after five sessions of declines as a surplus of the vessels shrank.
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A surplus of the largest oil tankers expanded for a second week in the Persian Gulf, the world’s biggest crude-loading region, a Bloomberg News survey showed.
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Charter rates for the largest oil tankers hauling Middle East crude to Asia slumped for a fourth session as the surplus of available ships for loading cargoes expanded.
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Rates for the largest oil tankers on the benchmark route fell for a third day on speculation too many ships competing for cargoes outweighed increased bookings.
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The cost of shipping liquefied petroleum gas had the biggest weekly gain on record as surging U.S. exports of the cooking fuel and chemicals feedstock sap vessel supply.
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Rates for the largest oil tankers on the benchmark trade route fell the most in six weeks on concern demand from refiners returning from maintenance stalled.
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A surplus of oil tankers in the Persian Gulf, the world’s biggest crude-loading region, rose from the lowest level since January amid weaker demand to charter ships.
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Crude-oil shipments jumped to a six- month high as Asian demand will probably lead the Organization of Petroleum Exporting Countries to expand output, according to Morgan Stanley.
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Charter rates for the largest oil tankers hauling Middle East crude to the U.S. climbed after stronger demand drew vessels to Asia, according to shipbroker Braemar Seascope Ltd.
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Rates for the largest oil tankers on their busiest trade route rose for a seventh session to the highest in almost seven weeks on speculation Chinese demand will increase as the driving season starts.
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