VLCC rates leap more than 200% month-on-month, closing in on $50,000 a day

A very tight August tonnage list has seen VLCC rates soar this month, and the good cheer has filtered down to the suezmax sector too.

According to Clarksons Platou Securities, VLCC rates yesterday stood at $42,800 per day, up 47% week-on-week and up 202% month-on-month.

Clarkson Research Services cited the very high fixture count for August as spurring rates. The rollover of tonnage from this month has fallen as low as has been seen all year, tightening the position list considerably.

“[M]ost owners will be optimistic that this firming can continue going forward,” Clarksons noted in its most recent weekly report.

Tanker brokers contacted by Splash today said VLCC rates were now tracking firmly towards the $50,000 a day threshold.

Fearnleys noted that the strong VLCC market has boosted sentiment for suezmaxes too. “Owners are finally smelling money,” the Norwegian broker noted yesterday.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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