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A Look at the Crude Tanker Industry's Performance in Week 33

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Part 2
A Look at the Crude Tanker Industry's Performance in Week 33 PART 2 OF 4

Average Very Large Crude Carrier Rates Rise From Multiyear Lows

Very larger crude carrier rates

According to the Weber weekly report, VLCC (very larger crude carrier) rates in the Middle East saw minor improvement in Week 33. A total of 23 VLCC fixtures were recorded, representing a 28% rise week-over-week. The West African market recorded six fixtures, three fewer than in the previous week.

Average Very Large Crude Carrier Rates Rise From Multiyear Lows

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According to the Weber report, VLCC rates for the Arabian Gulf to China route rose to $10,809 per day on August 18, 2017, from $8,976 per day on August 11. The average rate for all VLCC routes rose from the multiyear lows seen in the previous week. The rate was $13,694 per day on August 18, compared with $12,741 per day in the previous week. August’s VLCC rates are ~34% lower YoY (year-over-year). Euronav (EURN) and DHT Holdings (DHT) mainly operate VLCCs.

Suezmax rates

According to the Weber report for Week 33, the West African Suezmax market was muted. Just five fixtures were reported, the fewest reported in the last five months. However, in spite of the low demand, rates rose due to stronger-than-anticipated demand for August’s final program.

Suezmax rates on the route from West Africa to the United Kingdom rose to $7,110 per day on August 18 from $5,612 per day on August 11. The average rate for all Suezmax routes rose from $7,118 per day to $9,037 per day on August 18.

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 the Weber report, Aframax rates on the Caribbean route rose from $1,584 per day to $3,473 per day on August 18. The average rate for all Aframax routes rose to $3,494 per day from $2,783 per day last week.

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