Demand for Storage and Transport! Supertanker Freight Rates Double!

Oil tanker rates rise for a second time this month as the producers, refiners and traders scramble to secure ships to transport crude or store.
Freight rates for very large crude-oil carriers (VLCC) along the Middle East Gulf to China route were assessed at about $180,000 up from some $125,000 last week.
Forward prices for VLCCs for the second quarter were trading at some $170,000 a day for the Middle East to China route.
The contango spread between May and November Brent crude futures hit...