From Wolf Street:
Overcapacity meets broken promises of soaring demand.
The rates for shipping a tanker-load of crude oil by Very Large Crude
Carriers (VLCC) from Rotterdam, Europe’s largest port for the
throughput and storage of crude oil, to Singapore, the world’s largest
crude oil transshipment center, have dropped another $200,000 to $2.25
million, according to S&P Global Platts, the