Oil companies are increasing tanker bookings to haul Persian Gulf crude to the U.S. at the...

|By:, SA News Editor

Oil companies are increasing tanker bookings to haul Persian Gulf crude to the U.S. at the fastest pace since September, spurring a threefold surge in shipping rates by the end of April for Frontline (FRO) and other owners. Charters doubled to 26M barrels in the latest four-week period, and daily revenue for VLCCs will reach as high as $30K within six weeks, from $12.8K now, Morgan Stanley estimates.