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Week 37: Crude Tanker Industry Update

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Part 2
Week 37: Crude Tanker Industry Update PART 2 OF 4

Where Did Crude Tanker Rates Head in Week 37?

VLCC rates

According to Weber’s report for week 37, the strong rise in VLCC (very large crude carrier) demand evaporated. The September program seems to have come to an abrupt end, while the October program hasn’t started yet.

Where Did Crude Tanker Rates Head in Week 37?

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In the Middle East market, 15 cargoes were observed—a 64% fall week-over-week. In the West African market, seven fixtures were observed in week 37—one less than the previous week.

According to Weber’s week 37 report, VLCC rates for the route from the Arabian Gulf to China rose to $7,297 per day on September 15, 2017, from $7,718 per day on September 8. The average rate for all VLCC routes fell from $11,310 per day on September 8 to $10,994 per day in the previous week. The current rates are 39% lower year-over-year.

Euronav (EURN) and DHT Holdings (DHT) mainly operate VLCCs.

Suezmax rates

Based on Weber’s report, the Suezmax rates in week 37 were softer due to slower regional demand. Six Suezmax fixtures were recorded in the West African market—a 57% fall week-over-week.

Suezmax rates on the route from West Africa to the United Kingdom fell to $6,475 per day on September 15, 2017, from $8,606 per day on September 8. The average rate for all Suezmax routes fell from $10,979 per day to $9,828 per day in the previous week.

Nordic American Tankers (NAT), Teekay Tankers (TNK), and Tsakos Energy Navigation (TNP) have Suezmax vessels in their fleets.

Aframax rates

According to Weber’s report, Aframax rates on the Caribbean route fell from $21,531 per day on September 8 to $19,921 per day on September 15, 2017. However, the average rate for all Aframax routes rose to $18,944 per day from $13,613 per day.

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