The daily earnings of supertankers on the benchmark Middle East to Japan route hit a six-year high in mid-December, in part due to China building up its strategic reserves on the back of low oil prices.
According to aggregated data from the Baltic Exchange, daily earnings reached $97,489 on the Middle East to Japan route, the highest levels since 2008. Only six months ago, tanker rates were so low ship owners could not cover their daily operating expenses of up to $20,000.
“Somebody call the bucket brigade, because the tanker market is officially on fire,” said Noah Parquette, an analyst at Canaccord Genuity, the brokerage company.
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