Nordic American Tankers Ltd (NAT)

[conix]

Crude tanker rates jump as more oil output 'fantastic news'

Mar. 9, 2020 3:59 PM ET|About: Frontline Ltd. (FRO)|By: Carl Surran, SA News Editor

Benchmark Middle East-to-China tankers surged 12% to WS 54.58, the highest since Jan. 30 and equating to dayrates of $38,694, up 28% from Friday, Bloomberg reports, citing Baltic Exchange data.

Other major VLCC rates reportedly also rose, including those for the routes from the Middle East to Singapore and to the U.S. Gulf of Mexico.

A boost to cargoes that likely will flow from higher production and exports as a result of the upcoming end of the OPEC+ curbs represents "fantastic news for the tanker market," says analysts at Fearnley Securities.

Potentially relevant tickers include FRO, NAT, NNA, NM, NMM, TNK, TNP, TK, DSSI, ASC, SFL, DHT, EURN, INSW, GNK, SB, SBLK, STNG