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Your Crude Industry Highlights for Week 31

PART:
1 2 3
Part 3
Your Crude Industry Highlights for Week 31 PART 3 OF 3

West African VLCC Fixtures at a 3-Month Low

VLCC rates

In the 31st week of 2017 (ended August 4), the VLCC (very large crude carrier) fixture activity moderated after clocking a strong pace the previous week. In the Middle East market, 23 VLCC fixtures were reported for the week. This was 35% down from the previous week.

West African VLCC fixtures reached a three-month low to just three fixtures in the previous week, but the availability of VLCCs inched higher. A fall in demand and a rise in supply pulled down the VLCC rates.

West African VLCC Fixtures at a 3-Month Low

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According to Weber’s report, VLCC rates for the West Africa to China route fell from $18,460 per day on July 28, 2017, to $17,783 per day on August 4. The average rate for all VLCC routes fell to $16,143 per day from $17,269 per day in the previous week.

VLCC rates this month are almost 25% down YoY (year-over-year). Euronav (EURN) and DHT Holdings (DHT) mainly operate VLCCs.

Suezmax rates

According to Weber’s report for Week 31, after a surge in July exports, which pushed Suezmax spot balance to ten-month high August appears to be moderate.

According to the same report, Suezmax rates on the route from West Africa to the United Kingdom dropped to $5,751 per day on August 4 from $6,723 per day in the previous week. The average rate for all Suezmax routes dropped from $8,120 per day to $7,249 per day on August 4.

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 31, Aframax rates on the Caribbean route dropped from $6,100 per day to $3,183 per day on August 4. The average rate for all Aframax routes fell to $3,341 per day from $5,071 per day in the previous week.

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