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The supertanker industry has been boosted by the news that the cost of transporting crude oil to Asia from the Middle East has risen to an 11 month high.
Bloomberg reported that the rise in rates for very large crude carriers (VLCCs) is due to be the result of a reduction the number of vessels being made available to hire. The cost of hiring a VLCC currently stands at US$39,373, the highest rate since January 21.
The London-based analyst London based SSY Consultancy & Research Ltd told Bloomberg that the rise was in part due to VLCCs being used to store crude oil at sea.
VLCC can carry 2 million barrels of crude oil.
