View Full Version : Tanker question for Andrew Craig-Bennett...

Art Read
06-12-2008, 07:51 AM
In one of the oil threads here, you mentioned your astonishment at the charter rates tankers were reaching. Sitting in a starboard side widow seat the other day, while flying North along the U.S. East Coast, I noticed about a dozen loaded tankers anchored off the approaches to both New York and Boston harbors. (Couldn't see Baltimore) The only time I recall a similar "traffic jam" was in the late seventies when tankers were stacked up off Annapolis waiting to get into Baltimore. Simple logistics? A hedge to "own" the oil at a fixed, (lower) cost? I know it ain't cheap to keep those ships idle on their anchors. What's the logic here?

06-12-2008, 07:59 AM
spot market ?