Are $200K-per-day VLCC rates just the beginning for this tanker rally?
- Baltic Exchange’s MEG-Singapore VLCC index is at $213,599 per day, up 66% w/w; MEG-China index at $206,141 per day, up 46% w/w
- Global VLCC average has risen to $166,451 per day, with West Africa-China index at $173,599 per day and US Gulf-China index at $119,613 per day
- 2003-2008 supercycle featured a much higher level of multiyear charter coverage than current market
Crude tanker owners are raking in enormous sums of cash. Today’s VLCC market boasts the most days in six figures since the historic 2000s shipping supercycle. But there’s still a long way to go for the current market to match the boom of two decades ago
