111 days ago • Posted by William Ramstein

Middle Eastern Tankers and barrel cargoes are losing money each day

Supertankers delivering 2 million barrel cargoes of Saudi’s oil to China are losing $736 a day for the privilege, according to data from the Baltic Exchange. Owners could mitigate such losses by ordering captains to sail the vessels slower, but some ships are losing money because of their Middle East-to-Asia deliveries. Saudi Arabia cutting oil production has hit the tanker business with less deliveries needed. TK, EURN, and STNG lead the 5 biggest oil tanker companies list, time to short or risk the buy ?-Bloomberg