Tankers: VLCC Market Cools Down
The tanker market has witnessed a decline over the course of the past week. In its latest weekly report, shipbroker Affinity said that “VLCCs have softened throughout the week as limited enquiry and increasingly…
According to Affinity, “the Atlantic saw sharper declines as cheaper Suezmax cover drew business away from VLCCs, with Brazil-East falling from WS 607 on Monday to WS 572 on Wednesday and WAFR-East falling to WS 500 today. Tighter prompt tonnage could offer some support East of Suez if enquiry continues, while Atlantic VLCCs face a tougher task securing cover as long as smaller tanker classes remain cheaper. After a couple of weeks of weak levels of Suezmax activity and an ever-growing tonnage list, rates were always set to correct downwards, but the speed at which they have dropped has been stark. In WAFR, rates have softened to WS 400 last done, down from approximately WS 700 at the start of the week”.
This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →
Conversation