ME tanker rates might boost China's demand
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ME tanker rates might boost China's demand

ME tanker rates might boost China's demand

The cost of shipping Middle East crude to Asia, the world's busiest route for supertankers, may rebound this week as Chinese oil companies return to the market after the Lunar New Year to hire vessels for loading in March, reported Bloomberg. The holiday in Asia curtailed demand last week from China and South Korea, the second- and third-largest purchasers of crude oil cargoes in the region, after Japan. The cost of hiring very large crude carriers, or VLCCs, fell 10 per cent. Prices may rise once Asian shippers return because of the limited supply for March of double-hull VLCCs, which lower the risk of oil spills in the event of an accident.

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    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

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