Hong Kong: Rates for Aframax tankers catering to the Asian markets have been dropping steadily over the past year and a half as a result of decreased fuel oil cargoes from the Middle East as well as holidays in China and India, reports Bloomberg. The rate for transporting oil from Kuwait to Singapore by Aframax tanker fell 1.6% to WorldScale 116.08 yesterday, the least it has been since March 31 last year, revealed data from the London- based Baltic Exchange.
Analysts predict that the market will continue in this slump over the coming week, as financial markets remain closed this week in China for the National Day holidays. Additionally, the Indian market was shut yesterday (October 2) to commemorate Mahatma Ghandi's birthday. [03/10/07]
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