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Sanctions Tankers and Gas Political Risk and Trade

VLCC rates fall back as tepid demand trumps sanctions sentiment

  • Baltic VLCC index dropped to $38,232 per day on Wednesday, down 27% from the early February high, 33% from the January high, and 27% year on year
  • VLCC market may get worse before it gets better, cautions Fearnleys
  • Jefferies raises price targets for listed VLCC owners in anticipation of higher future rates

  • Analysis

A common pattern in shipping: the stars are aligned for higher rates and rates do not co-operate. Such is the case for VLCCs, which appear to have everything going for them, yet spot rates are declining

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    This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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