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Week 28: Crude Tanker Stocks Had a Good Run

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Part 2
Week 28: Crude Tanker Stocks Had a Good Run PART 2 OF 4

VLCC and Suezmax Vessels Had Lower Fixtures Last Week

VLCC rates

According to Weber’s report for week 28, VLCC fixtures in the Middle East were just 12—57% lower week-over-week. VLCC fixtures in the West Africa market were also lower. Only five fixtures were recorded—a decline of four fixtures from the previous week.

VLCC and Suezmax Vessels Had Lower Fixtures Last Week

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According to Weber’s report, VLCC rates for the West Africa to China route fell to $22,744 per day on July 14, 2017—compared to $27,116 per day on July 7. The average rate for all VLCC routes fell to $21,827 per day on July 14 from $22,770 per day in the previous week. Euronav (EURN) and DHT Holdings (DHT) mainly operate VLCCs.

Suezmax rates

According to Weber’s report for week 28, Suezmax fixtures in the West African market for week 28 fell 11% from the previous week to 17. Weak demand along with the oversupply of vessels contributed to lower rates.

According to the same report, Suezmax rates on the route from West Africa to the United Kingdom fell from $7,258 per day on July 7, 2017, to $5,658 per day on July 14. The average rate for all Suezmax routes fell to $7,867 per day on July 14, 2017, from $8,714 per day on July 7—a 9.7% fall week-over-week. Teekay Tankers (TNK) and Tsakos Energy Navigation (TNP) have Suezmax vessels in their fleets. Nordic American Tankers (NAT) operates Suezmax vessels.

Aframax rates

According to Weber’s report for week 28, Aframax rates on the Caribbean route rose from the lows recorded in the previous week. Rates on this route were $3,861 per day on July 14, 2017—compared to $1,882 per day on July 7. The average rate for all Aframax routes rose from $4,889 per day in the previous week to $5,219 per day on July 14.

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