Tanker Rates Tumble As Last Pillar Of Strength In Oil Market Crashes

Thursday, January 14, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
01/13/2016

If there was one silver-lining in the oil complex, it was the demand for VLCCs (as huge floating storage facilities or as China scooped up ‘cheap’ oil to refill their reserves) which drove tanker rates to record highs. Now, as Bloomberg notes so eloquently, it appears the party is over! >Daily rates for benchmark Saudi Arabia-Japan VLCC cargoes have crashed 53% year-to-date to $50,955 (as it appears China’s record crude imports have ceased).

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