Tanker Rates Rise: $895K/Day. Shipping Stocks Set to Soar

Very Bullish · $1138.HK · $1919.HK · $0316.HK · $1308.HK · $2343.HK

What Happened

Oil tanker charter rates have skyrocketed, with West Africa-to-Far East routes hitting $720,000 per day and Oman-to-Far East reaching $895,000 per day. The surge is spreading from large to small vessels and into product tankers, reminiscent of the container shipping boom.

Bottom Line

Tanker rates are out of control, and this is just the beginning of a full-blown shipping bull market.

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