VLCC oversupply to see Middle East-Asia spot rates tumble

Martyn Wingrove - Thursday 26 November 2009

A RISE in Chinese-controlled very large crude carriers immediately available in the spot market is expected to see spot rates tumble for journeys from Middle East ports to Asia, writes Martyn Wingrove.

Rates are falling from a four-month peak of W52.5, or $30,200 per day seen at the start of this week on the Baltic Exchange’s benchmark TD3 ...