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FRO - Why Tanker Rates May Have Peaked And Will Ease
Frontline Ltd.
In a recent article about Occidental Petroleum (OXY), I discussed why U.S. crude exports may drop due to the spike in tanker rates. However, I did not present a more complete market analysis of the potential impacts that may result. That is the focus of this article.
RATES for the largest crude tankers have tumbled, snapping a run of stratospheric gains over the past three weeks as some of the highest-profile fixtures failed for vessels chartered at rates exceeding $300,000 per day.