Supertanker rates ease after traders left all at sea

Supertanker rates ease after traders left all at sea

Output cuts hold key to further price spike, brokers warn, as oil cargoes struggle to find a home. Very Large Crude Carrier rates for floating storage have recently traded at about $120,000-$130,000 per day for a six-month charter period.. SINGAPORE: Supertanker freight rates eased this week as surging demand for floating storage cooled and crude oil output is set to fall, but rates could jump again as fewer tankers become available and as traders take advantage of weak oil prices, sources said.. Very Large Crude Carrier (VLCC) rates for floating storage have recently traded at about $120,000-$130,000 per day for a six-month charter period, trade sources said.. Declining output from key oil producers also contributed to the softening of tanker rate, ship broker sources said.. Despite the output cuts tanker rates may rise again amid a growing global glut of crude supplies with more oil cargoes on board tankers struggling to find a home being forced into floating storage, the trade sources said.. Eni cuts oil and gas output, spending targets amid coronavirus hit /node/1664661/business-economy.