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Tankers and Gas Brokers VLCC

VLCC rates sink back to January levels but hope persists for summer strength

  • Baltic Exchange VLCC index is down 31% m/m and 22% y/y to lowest level since January 28
  • Baltic’s suezmax index is down 45% m/m and 29% y/y; aframax index is down 42% m/m and 48% y/y
  • In near term, upside seen from Opec+ production increases; in longer term, demand may not keep pace with supply

  • Analysis

There’s nothing unusual about crude tanker rates falling at this time of year. The twist in 2025 is that Opec+ production is rising, so there could be more support than usual during the summer months

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