Tanker rates forecast to drop

PUBLISHED : Friday, 18 April, 1997, 12:00am
UPDATED : Friday, 18 April, 1997, 12:00am

Tanker rates are likely to fall across many sectors, SSY Consultancy and Research says in its latest monthly report.

A steady fall in crude oil prices during March had spurred activity, especially in the North Sea and West Africa, and a domino effect in the Atlantic had pushed prices up, the ship broker said.

With tankers out of action for maintenance this month and next, a notable reduction of crude shipments to Japan in the second quarter was expected, SSY said.