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Crude Tanker Industry: Analysts Revised Target Prices in Week 30

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Part 2
Crude Tanker Industry: Analysts Revised Target Prices in Week 30 PART 2 OF 4

VLCC and Suezmax Demand Rose in Week 30

VLCC rates

According to Weber’s report for week 30, VLCC (very large crude carrier) demand in the Middle East market and the West Africa market was higher. The Middle East market recorded 36 fixtures—50% higher week-over-week. The fixtures were at a five-week high. The West African VLCC market recorded 12 fixtures last week—140% higher week-over-week and nearly the highest level in the last four months. The combined demand in the Middle East and West Africa markets was the highest in the last nine months. However, the fresh demand didn’t boost the rates.

VLCC and Suezmax Demand Rose in Week 30

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According to Weber’s report, VLCC rates for the West Africa to China route fell to $18,460 per day on July 28, 2017, from $21,521 per day on July 21. The average rate for all VLCC routes fell to $17,269 per day from $21,521 per day on July 21, 2017. Euronav (EURN) and DHT Holdings (DHT) mainly operate VLCCs.

Suezmax rates

According to Weber’s report for week 30, Suezmax demand was also stronger in week 30. In the West African market, Suezmax fixtures were ten—67% higher week-over-week.

According to the same report, Suezmax rates on the route from West Africa to the United Kingdom rose from $5,658 per day to $6,723 per day on July 28, 2017. The average rate for all Suezmax routes was $8,120 per day on July 28, 2017—compared to $7,842 per day in the previous 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 30, Aframax rates on the Caribbean route were $6,100 per day on July 28, 2017—compared to $11,934 per day on July 21. The average rate for all Aframax routes fell from $7,758 per day to $5,071 per day on July 28, 2017.

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