VLCC spot rates stay strong but rallies prove brief before fading
- VLCC rates assessed at $43,924 per day on Tuesday, up 5% year on year
- There have been four VLCC rate rallies year to date and in each case prices pulled back
- Sentiment is positive, with mainstream VLCCs expected to gain market share from shadow tankers serving Iran and Venezuela
Investors in VLCC stocks are always waiting for the next tanker supercycle to begin. There’s no hint of it yet, but VLCC owners continue to grind out profits in an unexciting but nonetheless profitable market
