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WATCHING THE WORLD: Japan calculates the odds
08/11/2008
The price of oil continues to pinch in Japan. To be sure, the world’s benchmark super crude oil tanker rates from the Gulf to Japan fell to 7-month lows last week due to ample availability of vessels.Baltic Exchange data showed freight rates for very large crude carriers in the export route from the Gulf to Japan fell to Worldscale 151 late on July 31, dropping by 29.5 points from the day before.That was the lowest level since early June and the biggest single-day drop since early January for the 2 million bbl vessels plying the route.Still, Japanese leaders are taking no chances on continued low rates for oil or oil transport from the Middle East as underlined by a free-trade agree...
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