VLCC and Suezmax Rates Rose in Week 36
According to Weber’s report for week 36, the VLCC (very large crude carrier) market observed a strong rise in demand, especially from China. Voyages to China are at a two-year high. In the Middle East market, 39 cargoes were observed—a 63% rise week-over-week.
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According to Weber’s week 36 report, VLCC rates for the route from the Arabian Gulf to China rose from $7,407 per day on September 1, 2017, to $7,718 per day on September 8. The average rate for all VLCC routes rose to $11,310 per day on September 8 from $10,617 per day in the previous week. The rates rose from multiyear lows. The current rates are 38 lower year-over-year.
Based on Weber’s report, the West African Suezmax market remained firm due to stronger demand and rising rates in the Caribbean market. In the West African market, there were 14 fixtures—a 133% rise week-over-week.
Suezmax rates on the route from West Africa to the United Kingdom rose from $7,521 per day on September 1, 2017, to $8,606 per day on September 8. The average rate for all Suezmax routes rose to $10,979 per day from $9,396 per day in the previous week.
According to Weber’s report, Aframax rates on the Caribbean route fell to $21,531 per day on September 8 from $22,222 per day on September 1, 2017. However, the average rate for all Aframax routes rose from $10,698 per day to $13,613 per day.