Saudis oil tanker spree drive 700% surge in ships' earnings

Shipping shortage emerges as world’s largest exporter prepares to ship enough oil to supply France for a month. FMTNews Saudi OilTank

LONDON: Saudi Arabia is snapping up more and more oil tankers as the kingdom prepares to flood the world with crude causing a surge in the cost of transporting crude.

The bookings have caused a shipping shortage as well as a surge in tanker earnings and the shares of owners like Frontline Ltd and Euronav NV. Of the 25-30, the vast majority are Very Large Crude Carriers, or VLCCs, each designed to transport 2 million barrel cargoes, the people said.A deal that Saudi Arabia had been proposing to restrict oil supply fell apart on March 6 when Russia declined to back the plan.

That’s pushed charter rates to their highest level in 5 months, with tanker owners hoping to profit as long as the price war goes on. Product tanker company Torm A/S said it has recently received several floating storage requests across various fuel markets. The surge in freight rates has diminished the appeal of storing.

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