Monday, June 25, 2007

Persian Gulf Crude Oil Tanker Rates May Decline for Sixth Day on Ship Glut

(Bloomberg) -- The cost of hiring supertankers to
transport Middle East crude oil on the busiest shipping route to
Asia, which fell every day last week, may extend its decline as
demand for July cargoes fails to cut an oversupply of vessels.

Refineries still need to hire about 60 percent of the
vessels they need to ship cargoes from Persian Gulf ports next
month. A glut of carriers ``appears to be keeping a cap on
things at the moment,'' said Simon Chattrabhuti, an analyst at
London-based shipbroker Galbraith's Ltd., in an e-mailed note.


Read more at Bloomberg Energy News

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