Lloyd’s List: US Crude Recovery Lifts Rates

“The increasing percentage of very large crude carriers booked to ship crude from the Middle East Gulf to the US has combined with increased volumes from China to strengthen market rates. US tanker broker and energy consultancy Poten & Partners highlighted the improving demand picture in a weekly report. Increased gasoline demand, as reported by the Energy Information Administration, supported positive sentiment, the report said. ‘The (VLCC) cargo count for June has reached 106, the highest since December 2008, suggesting that more oil is indeed flowing into the system,’ said Poten’s Weekly Tanker Opinion.”