VLCC spot rates skyrocket to highest level since March 2023
- Baltic VLCC TCE index reaches $76,750 per day, highest in two and a half years; if index gains another $900 per day, it will be highest in over a half-decade
- Analysts expect even stronger rates toward the end of the year as Opec+ increases production and seasonal Middle Eastern power demand wanes
- Middle East Gulf-China VLCC index is at $82,674 per day; West Africa-China index at $82,883 per day; US Gulf-China index at $64,742 per day
After a disappointing series of false starts, the VLCC market has finally broken through to a new, higher level. Spot rates in the second half of the year look likely to be the strongest since the pandemic-era floating storage boom
