VLCC spot rates leap

VLCC spot rates leap

Spot rates for VLCCs continued their climb today, with major routes reaching their highest level since January 21 after a sluggish start to the week.

The rally has helped boost the Baltic Dirty Tanker Index, which was today assessed 23 points higher at 794.

The biggest hike in rates was seen for the Middle East Gulf (MEG) to Singapore route (TD2; basis 270,000 tonnes) and on the MEG to Japan run (TD3; basis 265,000 tonnes).

TD2 was assessed at Worldscale 73.14, up 7.5 points from Wednesday’s level, according to Baltic Exchange data.

Eastern Mediterranean Maritime’s VLCC Great Lady (308,900 dwt, built 2005) was today reported fixed on subs to Bahri Oil Transportation for an MEG to Japan trip at the even higher rate of WS75. The vessel is due to load between March 30 and April 1.

Similarly, TD3 gained 7.6 points and reached WS 71.39. The route’s timecharter equivalent rate (TCE) has grown by $7,729 since Wednesday’s assessment to $57,992 per day.

Rates on the MEG to US Gulf route (TD1; basis 280,000 tonnes) saw less spectacular but nonetheless healthy growth, rising 3.09 points to WS 37.42. The route’s TCE rate was today assessed at $23,971 daily, a $3,571 increase on Wednesday.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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