VLCC spot rates aim for the sky

VLCC spot rates aim for the sky

VLCC spot rates are currently at the highest levels seen since mid-June and today continued their upward trend.

Rates are growing more strongly going west from the Middle East Gulf (MEG) then east to Asia, according to Baltic Exchange data.

The biggest increase in rates was seen today on the Baltic’s MEG to US Gulf (TD1) benchmark. The route’s timecharter equivalent (TCE) rate was assessed at $17,336 per day, a massive $6,441 increase since Monday. In Worldscale (WS) terms, rates on the route increased 5.48 points to WS 37.29.

Unipec today reportedly fixed Athenian Tankers’ VLCC Athenian Harmony (built 2010) on subs for a voyage from the MEG to US Gulf via the Cape of Good Hope at a rate of WS 40.00, loading October 29.

Heading East, some $4,135 was added to the Baltic’s assessment for the MEG to Japan (TD3) route, for which today’s TCE rate was $44,325. The WS rate increased by 3.85 points to WS 64.35.

Similarly, the worldscale rate for the MEG to Singapore (TD2) run was assessed at WS 66.12, another 3.85-point increase.

Glasford Shipping reportedly fixed Ocean Tankers’ VLCC Pu Tuo San (built 2011) for a voyage from the MEG to China at a rate of WS 65.00, loading October 30-31.

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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