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Shipping rates drop on high oil
- Wednesday, August 17 - 2005 at 10:04
Record oil prices saw supertanker bookings for oil exports from the Middle East fall below the monthly average for 2005, which pushed shipping costs lower, according to Bloomberg report. Shipping rates for VLCCs to Asia dropped by as much as 45% in less than four weeks as the high price of crude hit demand
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James McInerney, News EditorWednesday, August 17 - 2005 at 10:04 UAE local time (GMT+4)
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This article was updated on Thu Mar 29 2007.
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