News

SINGAPORE, SEPT 7; FREIGHT rates for crude and fuel oil tankers bound for Asia are expected to remain at the lowest levels even next week due to ample tonnage and limited demand, traders and industry experts said.

But rates for clean tankers, transporting gasoline, diesel and other fuel products may continue a two-month rally as traders anticipate strong winter demand in northern Asia.

Dirty tanker rates for VLCCs from West Africa to china traded at W56.70 down from W59 recently and within striking distance of this year’s low of w50, reached earlier this month.

Rates on global crude and fuel oil tanker routes have tumbled by around half in the last two months on an over supply of new tankers, which is expected to plague the market until 2012.

Traders also expressed concerns over slowing demand in Asia.