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Stock impact report

US Gulf Coast tanker market tightens as Asia seeks to replace lost supply [Yahoo! Finance]

Okeanis Eco Tankers Corp. (ECO) 
Company Research Source: Yahoo! Finance
Gulf Coast has dropped sharply in recent weeks, as Asian and European refiners cut off from Middle ?Eastern supply have been snapping up vessels to import oil and fuel from the United States, shipping ?analysts and traders said. The Iran war has stalled tanker movements through the Strait of Hormuz, curbing the flow of Middle Eastern oil to ?Asia and Europe, and prompting refiners there to buy replacement barrels from the United States, Brazil and West Africa. Wider discounts on U.S. crude oil compared to global benchmark Brent crude have spurred demand for tankers in the U.S. Gulf Coast, reducing vessel availability in the region, said Aristidis Alafouzos, chief executive officer of Okeanis ECO Tankers. U.S. West Texas ?Intermediate crude futures for June delivery were ?trading at an over $10 discount to June Brent futures on Wednesday. "The resulting surge in freight rates is unprecedented, with Suezmaxes and Aframaxes earning upwards of $300,000, compared to an average $60, Show less Read more
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