TNP - Supertanker rates surge to two-year high on record U.S. crude oil exports

Benchmark earnings for very large crude carriers neared $40K/day on Wednesday to hit the highest level since June 2020, Bloomberg reports.

Assessments in the Worldscale system have jumped almost 40% since early last week, likely due to increased shipments from the Middle East and the U.S. Gulf of Mexico, according to the report.

Frontline ( NYSE: FRO ) CEO Lars Barstad told Bloomberg he attributes the strength to global oil supply reached a pivotal point with U.S. production, Strategic Petroleum Reserve releases and healthy Saudi volumes, while the rerouting of Russian flows increasing the distances ships are covering.

Shares in tanker companies have been rallying in recent weeks, including Euronav ( NYSE: EURN ) trading at its best level since 2010, while Frontline and International Seaways ( NYSE: INSW ) are near the highest since 2020.

In Wednesday's trading: ( FRO ) +6.8% , ( EURN ) +5.5% , ( TNP ) +5.1% , ( INSW ) +4.3% , ( NAT ) +2.4% , TNK +2.1% .

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