Earnings for the largest oil tankers carrying Middle East crude to Asia, the industry’s busiest trade route, rose about 15 percent to $51,000 a day, according to Dahlman Rose & Co.
Daily returns on the voyage last surpassed $50,000 in about June 2010, Omar Nokta, a New York-based analyst at the investment bank, said in an e-mailed response to questions.
Shipping costs on the route for very large crude carriers averaged $25,000 daily in January and February and are gaining ahead of European Union sanctions targeting Iran’s crude exports that take effect July 1, he said. Each VLCC can hold 2 million barrels of oil.
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