Bloomberg News

Asian Imports of African Oil Seen Aiding Tanker Demand by Bimco

August 16, 2012

Increased Asian imports of West African oil may lift demand for very large crude carriers as daily rates stay below $15,000, according to the Baltic and International Maritime Council, known as Bimco.

“Average earnings in the VLCC segment will keep owners on the rack, as they are unlikely to escape the agonizing lows around $2,000-$15,000 per day,” Peter Sand, an analyst at the Bagsvaerd, Denmark-based trade group representing 65 percent of ship owners, said in an e-mailed report. “A potential upside could come from increased Asian imports from West Africa.”

To contact the reporter on this story: Isaac Arnsdorf in London at iarnsdorf@bloomberg.net

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


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