Supertanker Rates Slip From Record Highs

Supertanker rates have retreated slightly after touching an all-time high earlier this month, with the price of chartering a very large crude carrier for a trip from the Gulf Coast to China at $634,974 per day, according to Baltic Exchange data cited by Reuters. This compared to a record of over $637,000 per day on October 8, the publication noted. The record price of transporting crude oil from the United States to Asia was undermining demand for U.S. crude. Tanker rates have soared this year due to Middle Eastern producers taking to ship-to-ship…