The global ocean shipping sector is one of the most volatile in the oil and gas business. Back in June, we reported that commodity shipping stocks had gone on a tear after freight rates for U.S.-loading supertankers had skyrocketed as Asian refiners turned to the U.S. market amid production cuts by OPEC+ nations.
Average spot rates for older very large crude carriers (VLCCs) climbed to $83,300 per day while rates for newer and more fuel-efficient VLCCs hit $91,000 per day. VLCCs are super-massive tankers that carry 2 million barrels…Supertanker Stocks Ride The Waves Of Volatile Oil Market
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