Crude oil tanker earnings on the major Middle East route fell to their lowest in over three months on Wednesday as a surplus of vessels took its toll on rate sentiment.
The world's benchmark VLCC export route from the Middle E
Asian refiners are snapping up Middle Eastern and Russian crudes priced on the comparatively cheaper Dubai marker, shunning Brent-linked Atlantic Basin grades that have become too expensive as the European benchmark strengthens.
The dry bulk freight rates are set to bounce back from their seven-month low by early next year, said a top official of a ship brokerage firm in Dubai.
Dry bulk shipping involves the movement of large quantities of coal, iron ore, wheat an