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Week 38: Crude Tanker Industry Update

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Part 2
Week 38: Crude Tanker Industry Update PART 2 OF 4

Week 38: VLCC Rates Rose, Higher Demand in the Middle East

VLCC rates

According to Weber’s report for week 38, rates in the VLCC (very large crude carrier) market experienced an uptick later in the week due to improved Middle East demand. In week 38 (week ending September 22) the Middle East market observed 25 fixtures—47% higher week-over-week. The West African market had seven fixtures—similar to the previous week.

Week 38: VLCC Rates Rose, Higher Demand in the Middle East

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According to Weber’s week 38 report, VLCC rates for the route from the Arabian Gulf to China rose from $7,297 per day on September 15, 2017, to $12,564 per day on September 22. The average rate for all VLCC routes rose to $15,422 per day on September 22 from $10,994 per day in the previous week. The current rates are 38% lower year-over-year.

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

Suezmax rates in week 38

Based on Weber’s report, the Suezmax rates in week 38 were softer than the previous week.

Suezmax rates on the route from West Africa to the United Kingdom fell from $6,475 per day on September 15, 2017, to $4,441 per day on September 22. The average rate for all Suezmax routes fell to $6,995 per day from $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 in week 38

According to Weber’s week 38 report, Aframax rates on the Caribbean route fell to $16,924 per day on September 22 from $19,921 per day on September 15, 2017. However, the average rate for all Aframax routes fell from $18,944 per day to $16,049 per day.

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