The outlook for the largest crude oil carriers is turning optimistic as the winter season begins to cause an increased demand for oil.
Carriers which deliver 2 million barrels of oil from the Persian Gulf to Asia switched from negative to positive postings as the upwardly moving demand helped to shrink the glut of ships waiting for work.
As of November 4th the large crude carriers on the key Saudi Arabia-to-Japan route were earning $554/day after posting a loss the day before of $623, as reported in the Baltic Exchange from London.
As winter demand for Persian Gulf oil rises refineries will most likely hire more ships during the next few weeks. It is expected that this will propel daily earning to move upwards, according to an analyst at the Oslo-based RS Platou Markets AS, Herman Hildan:
“We may finish the most active week this year today, which has brought the four-week Middle East Gulf supply down to less than 70 from 110 a month ago,” Hildan said in his report.
