Bloomberg: Rates Rising as Record Chinese Oil Imports Affect Ships

“Record Chinese oil imports are emptying the Atlantic Ocean of very large crude carriers and their 2 million-barrel cargoes, driving a rebound in rates for the smaller vessels left to supply the U.S. from West Africa. Suezmaxes, each holding 1 million barrels, will earn an average of $18,750 a day this quarter, 45 percent more than now, according to the median of six analysts surveyed by Bloomberg. That’s 25 percent more than the $15,000 anticipated in forward freight agreements, traded by brokers and used to bet on rates, providing an opportunity for profit. . . .  . While [Suezmax vessels are] 4.3 percent costlier a barrel than supertankers once expenses such as fuel and port fees are included, the five-year average is 22 percent, according to Poten & Partners Inc.”