Tanker Weekly – March 6, 2011
(For The Week Ending March 5, 2011)
Baltic Dirty Tanker Index rose 20.3%; Baltic Clean Tanker Index was up 12.7%.
As I wrote earlier civil war in Libya is driving rates up. Under the assumption European imports of Libyan crude will be replaced by West Africa crude and West African crude exported to Far East substituted with Saudi crude the distance to which crude is transported could be actually reduced. So, when the tankers reposition according to the new transport setup, what remains is only uncertainty driving the markets.
