Crude oil tanker rates benefit from oil crisis

Crude oil tanker freight rates have increased dramatically due to a record-breaking drop in oil prices. This was caused by panic over the need for oil storage.

This reaction has led to an increase in the search for fuel storage, and it is expected the oil will have to be stored for longer than thirty days.

As a direct effect of these events, floating storage, which was located mainly in the Middle East, has been on a rise in northwest Europe, Southeast Asia, West Africa, and the Mediterranean.

Freight rates should remain high for a while, until oil-buyers are found, which should take quite some time according to Alphatanker.

Source: Mundo Marítimo

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