Nordic American Tankers Ltd (NAT)

[conix]

Daily tanker earnings hit $300K in Saudi-led tonnage frenzy

Mar. 11, 2020 5:02 PM ET|About: Frontline Ltd. (FRO)|By: Carl Surran, SA News Editor

Oil traders and Asian refiners chartered another 25 Very Large Crude Carriers in the past 48 hours with rates hitting $300K/day, Lloyd's List reports.

Maran Tankers-operated Maran Antares reportedly was chartered by Thai oil company PTT at $299,982 daily, and a second VLCC, the Georgios - one of at least 10 VLCCs provisionally hired by Saudi shipowner Bahri since Monday - exceeded earnings of $205K/day.

The huge grab for tonnage spooked oil Asian refiners and oil traders, who then locked in charters for a further 25 VLCCs at accelerating levels, according to the report.

In addition to the Saudi export surge, plunging oil prices also are underpinning demand for crude tankers, which has simultaneously revived demand to charter VLCCs for floating storage.

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