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Tankers and Gas VLCC Freight rates

Does VLCC rally have legs or will this be yet another disappointment?

  • Baltic Exchange’s global VLCC index now down 13% from recent peak, with MEG-China down 11%, West-Africa China 12% and US Gulf-China 19%
  • US Gulf VLCC fixtures were non-existent last week, which could put pressure on West Africa fixtures as well this week
  • VLCC rate strength has yet to cascade down to suezmaxes and aframaxes

  • Analysis

VLCCs are still tipped to be the star shipping performers through year-end, but given their disappointing track record in recent years, the pullback in rates raises the question: Is this just a retrenchment to a higher low amid an upcycle, or something more?

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