Shipping cost may shoot up
United Arab Emirates: Monday, March 03 - 2008 at 08:55
The cost of shipping Middle East crude to Asia may further hike rates for a sixth day because vessel supply is constrained in the Atlantic, reported Bloomberg. The report noted that rising charter rates in western hemisphere markets may cause owners whose tankers are in Europe or US to choose for West African cargoes rather than sending the ships back to the Middle East.
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Medilyn Manibo, Assistant News EditorMonday, March 03 - 2008 at 08:55 UAE local time (GMT+4)
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