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Crude Oil Tanker Update: Week 40

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1 2 3 4
Part 2
Crude Oil Tanker Update: Week 40 PART 2 OF 4

Week 40: VLCC Rates Rise, Suezmax and Aframax Rates Fall

VLCC rates

The VLCC (very large crude carrier) demand was mixed in week 40, which ended October 6, 2017. In the Middle East market, there were 24 fresh fixtures, which was a 29.0% fall week-over-week. The combined fixtures in West Africa and South Africa were unchanged at eight from the previous week.

Week 40: VLCC Rates Rise, Suezmax and Aframax Rates Fall

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According to Weber’s week 40 report, VLCC rates for the route from the Arabian Gulf to China rose from $17,471 per day on September 29, 2017, to $24,511 per day on October 6, 2017. The average rate for all VLCC routes rose to $25,180 per day on October 6, 2017, from $20,453 per day on September 29, 2017. The current rates are 43.0% lower year-over-year. Euronav (EURN) and DHT Holdings (DHT) mainly operate VLCCs.

Suezmax rates

The West African Suezmax market was softer in week 40. Seven fixtures were recorded, which was 36.0% lower than the previous week.

According to Weber’s week 40 report, Suezmax rates on the route from West Africa to the United Kingdom fell from $10,355 per day on September 29, 2017, to $7,646 per day on October 6, 2017. The average rate for all Suezmax routes fell to $11,079 per day on October 6 from $13,099 per day a week before.

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

Aframax rates

Aframax rates on the Caribbean route fell to $9,739 per day on October 6, 2017, from $13,984 per day on September 29, 2017. The average rate for all Aframax routes fell from $12,776 per day to $11,703 per day.

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