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ASIAN
rates for oil-product tankers rose to the highest in
more than 11 months on Japan’s declining inventories and
rising demand for fuel by China amid shortages.
Hiring
rates for a ship that can carry 30,000 metric tons of
oil products, a medium-range tanker, or MR, to
Japan
from Singapore rose 3.7 percent to Worldscale 304.17
Wednesday, the highest since January 2, according to
data on the London-based Baltic Exchange.
The
price to charter a 75,000-ton tanker, a large-range 2,
on the Middle East-Japan route jumped 5.3 percent to
Worldscale 200.63, a level last seen in December 2006.
Oil-product inventories in
Japan,
the world’s third-largest oil consumer, fell by a
combined 5.7 percent in September and October, according
to government data.
China,
the world’s second-biggest energy consumer, is facing
its worst fuel shortage in more than two years after
refineries cut output as the government curbed fuel
prices, while crude oil costs soared.
“Product-tanker rates could see further support this
week,” Henrik With and Glenn Lodden, Oslo-based analysts
at DnB NOR Markets, said in their weekly report.
The
supply of tankers is tightening and petroleum
inventories must be replenished, With and Lodden said.
Japan’s
oil-product inventories fell 4.5 percent to 14.41
million kiloliters (122.8 million barrels) last week
from 15.09 million kiloliters the week before, the
Petroleum Association of Japan said Wednesday.
Japanese
gasoline stockpiles fell 3.8 percent to 1.9 million
kiloliters, while gas-oil inventories slumped 6.1
percent to 1.62 million kiloliters, the industry group
said.
Naphtha
stockpiles dropped 4.2 percent to 1.81 million
kiloliters.
Hiring
rates for product tankers have been rising as oil
companies stockpile kerosene and other fuels during the
fourth quarter to prepare for increased demand during
the Northern Hemisphere winter.
Charterers may also be rushing to fixed transport for
cargoes ahead of the Christmas holidays, shipbrokers
said. (Bloomberg) |
