Asian Refiners Use Smaller Tankers, Buy Delivered Crude as Freight Rates Soar

(Reuters) – Asian refiners are turning to options such as using smaller tankers and vessels on long-term charter, and buying Middle East crude on delivered basis to cut feedstock costs as freight rates hover near records, company officials said. Spot rates for oil tankers hit all-time highs in early October as Middle East producers ramped … Read more