Mideast crude tanker rates weaker, supply weighs

LONDON, July 26 (Reuters) - Crude oil freight rates on major routes were mixed on Monday with growing tanker availability in the Middle East Gulf putting pressure on that market.

The world's benchmark Very Large Crude Carrier (VLCC) export route from the Middle East Gulf to Japan DFRT-ME-JAP was at W55.91 or $16,571 a day, from W58.70 or $19,687 a day last week.

"Rates have softened on the back of very slow activity and a more than ample supply of tonnage," broker P.F Bassoe said.

Middle East VLCC rates rallied in early June, helped by tighter tanker availability and strong demand. But in recent weeks they have continued to fall due to softer enquiry and a growing build up of vessels.

"With tonnage well supplied for any rush of August cargoes, we expect rates to remain weak this week," Arctic Securities said.

VLCC rates from the Gulf to the United States DFRT-ME-USG were at W42.58 from W44.58.

Rates for smaller aframax tankers from the Caribbean to the U.S. Gulf coast were at W121.14 from W117.91 last week. There has been little impact from the oil spill in the Gulf of Mexico.

VLCC rates from West Africa to the U.S. Gulf were at W60.00 from W58.50 last week.

Baltic Exchange figures showed crude oil tanker rates from the Black Sea to the Mediterranean were at W121.46 from W110.71 last week. Brokers said better cargo enquiry had bolstered rates in recent days on that route.

Cross Mediterranean tanker rates were at W119.77 from W117.73. (Reporting by Jonathan Saul, editing by Anthony Barker)