American Ship Owners Do Well Out of Oil Supply Crisis

The scan: The Week v8 no2.pdf (PDF, Marxists Internet Archive, opens at this page)

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"Although American flag ships, like British vessels, remain barred from most Arab ports, few of these engage in international trade, because of high labour costs. t+these vessels limit almost all their activities to coastalwters. But almost every owner of American flag ships also owns a larger fleet of foreign flag ships - usually Panamanian and Liberian - and these have not been subjected to the general lock-out at Arab ports. Few shipowners, however, are willing to discuss what amounts to out and out rate gouging. Some brokers in New York told me they had been able to obtain contracts to ship oil at #18. a ton compared with only $2.99 a ton before the Suez crisis began. "A 120 day voyage that grossed ff 4,500. a day before the Suex crisis", said one broker, "is now grossing more than #55,000. a day. The profits from such a trip are evident. It only costs 2,000. a day to operate a tanker". (From Harlow Unger, New York, The Times 6th July)