Persian Gulf Tanker Rates Fall Most in Six Weeks

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, posted its biggest weekly drop in six as demand from oil companies for ships to load next month’s cargoes fell.

Shipping costs on the Saudi Arabia to Japan route, the industry benchmark, fell 0.6 percent to 49.22 Worldscale points today, according to the London-based Baltic Exchange.That took the week’s decline to 4.8 percent, the largest such drop since the week to May 8. Daily earnings for ships plowing the route fell 3.4 percent to $30,340.
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