VLCCs: More Ships Head for the Gulf as Cargoes Thin

The Middle East Gulf ends the week with 87 inbound VLCCs chasing 77 stems. On Monday, the balance was almost even at 81 ships against 80 stems. At the same time, fresh tanker attacks in Hormuz and a security alert at Saudi Arabia’s Red Sea export hub have raised questions about how many of those ships will actually quote.

Global stems are down 10% from last Friday’s 183, while the number of VLCCs underway in ballast is up 13% from 254. The Far East accounts for nine of the 21 additional ballasters since Monday. Of the 145 ballasting from the Far East this morning, 51 are heading to the Gulf and 41 to Southeast Asia. More ships are repositioning across the eastern market even as the global cargo list contracts.

Laden movements tell a different story. The global count underway jumped 18 to 253 overnight, while loaded vessels classed as idle fell 20 to 112. Together, those two categories fell by two ships. The jump in laden ships underway is consistent with ships getting moving after loading or waiting. It gives little evidence on its own of a fresh wave of cargoes. Gulf-origin laden ships rose by five, West Africa added six, and the US Gulf and Caribbean shed two.

This story was originally published by Breakwave Advisors. Read the full story at Breakwave Advisors →