Tanker rates under pressure on key Asian freight routes

Rates for oil tankers on key Asian freight routes are seen steady to lower over the next week as freight demand declines due to IEA's stock release and slower bookings for naphtha shipments, as per Reuters. Rates on the benchmark Very Large Crude Carrier (VLCC) export route from the Middle East to Japan slipped to a two-month low of W49.03 from W49.08 last week on limited activity, particularly in the Middle East Gulf market. IEA announced in mid-June that its members would release up to 60 million barrels from its emergency stocks, pressurizing freight rates as oil consuming nations are likely to rely less on imports following the release of their reserves.
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