The Peninusla (Qatar): Mideast Tanker Rates Fall on Slower Business

“Crude oil tanker earnings on the major Middle East route slipped yesterday as cargo fixing momentum faded and the market once again struggled with growing vessel availability. . . . ‘Tanker newbuildings ordered prior to the global economic downturn continue to deliver into the market, resulting in an oversupply of vessels and consistently low freight rates,’ brokerage Poten & Partners said in a report. ‘Rising costs are further complicating matters for tanker operators. In general, industry participants are bracing themselves for more hard times ahead.’”