Asia Crude Tanker Rates to Rebound on Saudi Shipments

According to a March 3 report from Reuters, rates for crude oil tankers on key Asian freight routes are expected to rebound in the short term as Saudi Arabia pumps more oil to make up for a near halt in Libyan exports. For products, rates are likely to remain near 2011 lows due to stagnant activity and ample tonnage. The world's benchmark Very Large Crude Carrier (VLCC) export route from the Middle East to Japan tumbled to a one-month low of $14,096 a day, from $42,726 a day last week on scant demand, especially from China.