VLCC rates are back on the upswing, with plenty of money earned in the US Gulf.
There were five VLCC fixtures out of the US Gulf on Monday by Jefferies analyst
VLCC rates are back on the upswing, with plenty of money earned in the US Gulf.
There were five VLCC fixtures out of the US Gulf on Monday by Jefferies analyst Omar Nokta’s count, with four heading to China and one to India, as his assessments for the crude carriers rose 3.7% to $81,800 per day.
“Normally, seven or eight VLCCs are booked each week in total out of the US Gulf and so five in one day is notably active,” he said.
Tankers International data shows two fixtures out of the US Gulf, both above $100,000 per day.
Angelicoussis-backed Maran Tankers Management snagged a $135,438 per day deal for its 319,400-dwt Maran Artemis (built 2016) for an early December voyage to China for ExxonMobil.
The 318,700-dwt Nissos Despotiko (built 2019) was fixed to Equinor for a voyage to South Korea at $123,298 per day in late November.
That fixture was the second big-money deal earned by the Alafouzos family’s private vehicle Kyklades Maritime.
Last week, it fixed the 300,000-dwt Nissos Kea (built 2022) at $138,972 per day for a voyage from the Middle East to China for Kuwait Petroleum Corp.
Nokta said the VLCC strength has pulled up the rest of the crude tanker market, with suezmaxes earning $60,000 per day in September versus $42,000 per day over the first eight months of the year.
Aframax earnings rose to $45,000 per day from $37,000 per day over the same period.
“We expect the tightness in VLCCs to continue placing upwards pressure on suezmaxes, leading to a cascading across all tanker segments, especially with peak winter trading season on the horizon,” Nokta said.
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