With no improvement at Hormuz, rate pressure builds in crowded Atlantic
- US Gulf-China VLCC rates fell 24% on Wednesday vs Tuesday, to $108,820 per day, returning to the levels recorded in the week before the war
- VLCCs continue to migrate to the Atlantic, although there are also a growing number of VLCCs opting to remain idle in the Pacific
- Aframax and suezmax rates are easing but remain exceptionally high, far outperforming VLCCs in the Atlantic
The crude freight market on the day after the ceasefire announcement was the same as it was the day before. Conditions in the Strait of Hormuz remained unchanged and more tonnage is flooding toward the Atlantic basin
