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Too many vessels spoil the oil tanker rate

OPEC's coming output cuts could pull down rate even furtheThe 308,000 DWT crude oil tanker "Yuanteng Lake" berths at a port during the delivery and naming ceremony in Dalian city, northeast China's Liaoning province.
TOKYO -- The freight rates that large oil carriers charge on certain routes have plunged about 30% since the beginning of the year. The reason is twofold: There are suddenly more tankers looking for work and less demand for their services because of OPEC's production cut.
The benchmark Worldscale rate for very large crude carrier tankers in the 300,000-ton class has sharply fallen to around WS65 at present -- the lowest point since November -- for a voyage from the Middle East to the Far East. Less than three weeks ago, the voyage cost over WS90.

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