Crude tanker freight costs on several key routes have fallen by roughly half from record levels, although selected trades continue to generate strong earnings.
Freight rates for tankers serving Asian crude buyers from Africa and Brazil declined after reaching record highs in October. Baltic Exchange data indicated that rates for VLCC voyages excluding loadings inside the Hormuz area, as well as for Suezmax and Aframax tankers, were about 50% below their recent peaks.
Source:
finance.yahoo.comShare this article
Related news
COSCO orders 16 VLCCs in deal worth about $2 billion
COSCO Shipping Development has contracted 16 307,000-dwt very large crude carriers at Dalian Shipbuilding Industry for approximately $2.01 billion, with deliveries scheduled from October 2029 to December 2030.
Hapag-Lloyd raises outlook for the third time as freight rates remain strong
Hapag-Lloyd lifted its full-year outlook for the third time this year, citing resilient container freight rates and stronger-than-expected fourth-quarter performance.
CMA CGM Introduces War-Risk Surcharge for Black Sea Container Cargo
The surcharge is set at $35 per 20-foot container and $70 per 40-foot container for shipments involving several Black Sea ports.