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Crude Tanker Industry Had a Strong Performance in Week 36

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Part 2
Crude Tanker Industry Had a Strong Performance in Week 36 PART 2 OF 4

VLCC and Suezmax Rates Rose in Week 36

VLCC rates

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.

VLCC and Suezmax Rates Rose in Week 36

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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.

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

Suezmax rates

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.

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

Aframax rates

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.

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