The “biggest oil deal in history” agreed by Opec and others last weekend should signal a definite end to the tanker bull market — but not for now.
VLCCs early this week were still winning astonishing hire rates — $270,000 a day for Middle East to China with vessels for storage earning over $160,000.
Almost 10m barrels per day (bpd) of crude will be taken out of the market by Saudi Arabia, Russia and others if they stick to the new output targets.
