Three alternatives for round voyages between the Middle East Gulf and North Atlantic,Cape/Cape,Suez/Cape and Suez/Suez (laden/ballast),are compared from actor perspective.Ship owners benefit from long routes when rates are not rising steeply.Refineries minimize logistics costs by selecting short routes.Traders also should opt for them,provided that their investment horizontal equals the laden leg.In the real world,Northwest Europe selects 10 pct Suez and the US Gulf 10 pct Cape.East Coast Canada is route neutral.Cargos from West Africa tilt this equation in favor of the Cape/Cape alternative.