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Oil Tanker Rates Lowest Since 1997 as Demand in Europe Plunges

para_dimz Wrote: Jun 06, 2012 9:15 AM
Further, ice cream consumption seems to have dropped. Though to be honest, timely information was hard to come by and scatterred. When people can't afford ice cream then you know. ;)

Bloomberg reports Oil Tankers Squeezed as Rates Drop to Lowest Since ’97.

Aframaxes, already this year’s worst- performing oil tankers, are poised for the lowest annual rates in at least 15 years as Europe’s economic stagnation curbs demand, the region’s most-accurate shipping analysts said.

The 800-foot vessels will make about $12,000 a day in 2012, the least since 1997, said Anders Karlsen, an analyst at Nordea Markets in Oslo. His recommendations on the industry returned 25 percent in the past year, more than any shipping analyst in Europe tracked by Bloomberg.

The vessels are struggling to win cargoes on all sides...
Related Tags: Europe