VLCCs are once again outperforming aframaxes and product tankers
- Atlantic basin VLCC rates have been holding steady at over $100,000 per day for the past month, and are now higher than VLCC rates in Gulf of Oman and Yanbu, says BRS
- US Gulf-Europe aframax index was at $53,421 per day on Monday, less than a quarter of its peak level in late March
- US Gulf-Europe MR product tanker index is at just $6,515 per day; it was 14 times higher in late March. This index recently hit it lowest point in 14 months
It is not uncommon for VLCCs to earn less than smaller tankers, as they did during the Russia-Ukraine war. It happened again recently as the Hormuz crisis unfolded, but earnings power has shifted back in favour of VLCCs
