Reuters: Mideast Crude Tanker Rates Steady, Supply Weighing

“Crude oil tanker earnings on the major Middle East route were steady on Monday although a glut of available vessels continued to hurt profitability with some analysts expecting the rout to extend to 2013. . . . ‘Tonnage oversupply has confounded typical seasonal and systemic weakness and has the market resounding with bearish grumbles,’ said brokerage Poten & Partners.”