The rate to transport oil from the Caribbean on Aframax ships rose to an 11-month high as demand exceeded the supply of vessels in the region.
Some ships were lured from the region by the higher rates available in Europe, especially in the Mediterranean Sea, brokers said last week.
The advance was supported by the closure on Sunday of the Houston Ship Channel, which serves the largest US petroleum port, because of fog. The channel remains closed, affecting at least 46 ships.
With ships returning to port and receiving immediate new cargo orders, 'the market could remain firm', London-based broker Galbraith's said in note last Friday.
The average rate derived by Bloomberg to transport oil in the Caribbean rose 13.75 points, or 5.5 per cent, to Worldscale 263.75, equal to about US$49,300 a day, after expenses such as fuel and port fees. The rate is the highest since Jan 2, when it touched WS 270.
Houston-based broker Lone Star, RS Platou reported WS 265 and Poten & Partners in New York reported WS 262.5 on Monday. Rates rose 39 per cent last week.
The Houston channel closing delayed the arrival of 41 ships and the departure of five.
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