Replies to post #931 on Nordic American Tankers Ltd (NAT)

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Oil tanker rates slip from record highs but still above average - Reuters

Mar. 19, 2020 9:24 AM ET|About: Frontline Ltd. (FRO)|By: Carl Surran, SA News Editor

Shippers say crude oil freight rates are easing off record highs as charterers balk at the nosebleed charges and await Saudi volume plans for April, Reuters reports.

At least nine VLCC provisional charters failed this week along with another five for Suezmax tankers, most of which were related to Saudi crude oil loadings, according to the report, which cites ship broker sources.

A surge in demand to ship the flood of crude oil unleashed by Saudi Arabia and OPEC sent freight rates soaring last week.

Rates along the Saudi to U.S. Gulf of Mexico route have dropped from above $300K/day last week to ~$170K/day, according to the latest ship broking data, but remain well above average.

VLCC rates along the Middle East to China route also cooled, falling to ~$210K/day from $265K on Monday.

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Majors could store jet fuel at sea. Oil companies are rushing to store oil at sea, but the glut has become so severe that the majors are looking at even storing jet fuel at sea. That practice is rare because jet fuel degrades more quickly than other fuels and is sensitive to contamination. “The industry generally expects products will be used within three months of being produced,” said George Hoekstra, an independent consultant, told Reuters.