Rates for the largest oil tankers rose to the highest in almost two weeks as trader began booking cargoes for May amid an excess of available ships.

Greek owner Delta Tankers has placed an order for 2 (+1) tanker vessels at Hyundai Heavy Industries, according to Fearnleys Weekly. Delivery is slated for 2015 and the price reported is approximately USD 58 million. Overall, reported activity this week is well spread among various sectors - tankers, product tankers, bulkers, LNG, LPG, RoRo, and container. CSAV's order for seven 9300 teu container vessels, mentioned in this report in February, has now been finalized.

A glut of the largest oil tankers in the Persian Gulf is poised to remain unchanged from a week earlier, a Bloomberg News survey showed. There are 20 percent more very large crude carriers for hire over the next 30 days than there are likely cargoes, the median estimate in a survey of six shipbrokers and owners showed.

Rates for the largest oil tankers on the benchmark trade route were little changed today as the glut of vessels offset the most bookings in four months.

Navios has acquired tanker vessel STX JINHAE 1463 (dwt 50.400 blt S.Korea 2013) for USD 34.5 million, according to broker reports. Hellenic Tankers has also acquired a secondhand tanker this week, the AFRA OAK (dwt 106.395 blt Japan 2003) for USD 16.75 million.

Costs to hire the biggest oil tankers hauling Middle East crude to Asia rose for a second session as owners sought higher rates for ships loading cargoes in the Persian Gulf.

The M/V BRILLIANT TRADER (87,144 dwt 2006 blt IHI) is committed to Greek buyers at US$ 18.8 million while the resale TSUNEISHI ZHOUSHAN SS-132 (81,600 dwt 2013 blt) has also gone to Greek buyers for US$ 28 million, according to the latest Clarkson Hellas Weekly Bulletin.

Charter costs for the biggest oil tankers hauling Middle East crude to Asia rose for the first time in three weeks amid speculation more cargoes will become available as Saudi Arabia steps up production.

Focus on the US and structural changes likely to impact tankers

Demand: The tanker market is doing full steam ahead – not in relation to demand, earnings or actual operating speed, but in relation to structural demand changes in the West. At the epicentre of this is the world’s most thirsty oil consumer – the US...