West African VLCC Fixtures at a 3-Month Low
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.
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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.
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.
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.