Bloomberg News

Tanker Returns Reach $51,000 on Busiest Route, Dahlman Says

March 29, 2012

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.

To contact the reporter on this story: Michelle Wiese Bockmann in London at mwiesebockma@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net


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