VLCC rates hit new cycle high as geopolitics buoys sentiment
- Baltic Exchange’s global average VLCC index reaches $117,970 per day on Tuesday, surpassing previous cycle high on November 25
- MEG-China VLCC index rises to $137,524 per day, highest since November 26 and fourth-highest print in current cycle
- West Africa-China VLCC index jumps $10,514 per day vs Monday to $121,373 per day, highest level in current cycle
The current VLCC boom, which began in September, is one for the history books: the strongest, most protracted earnings period for VLCC owners since the shipping supercycle of the mid-2000s.
