VLCC rates face downward pressure as tankers flee Gulf crisis

The disruption to crude oil flows from the Persian Gulf is weighing on tanker freight rates, after an initial spike, as vessels reposition away from the Middle East and threaten to create an oversupply of ships chasing cargoes in the Atlantic Basin. Crude loadings around the Persian Gulf plummeted to 4 million b/d in the week starting March 9, down from 19 million b/d in February and 17.5 millionThe disruption to crude oil flows from the Persian Gulf is weighing on tanker freight rates, after an initial spike, as vessels reposition away from the Middle East and threaten to create an oversupply of ships chasing cargoes in the Atlantic Basin. Crude loadings around the Persian Gulf plummeted to 4 million b/d in the week starting March 9, down from 19 million b/d in February and 17.5 millionRead More