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Week 44: Crude Tanker Industry Update

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Part 2
Week 44: Crude Tanker Industry Update PART 2 OF 4

Week 44: Crude Tanker Rates Fell amid Weak Demand

VLCC rates

According to Weber’s week 44 report, VLCC (very large crude carrier) rates were largely stagnant in the week ending November 3 amid slower Middle East demand. In the Middle East market, 25 VLCC fixtures were observed—a 32% fall week-over-week. On the other hand, the fixtures in the West African market remained unchanged at nine fixtures.

Week 44: Crude Tanker Rates Fell amid Weak Demand

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According to Weber’s week 44 report, VLCC rates for the route from the Arabian Gulf to China fell from $31,105 per day on October 27, 2017, to $32,938 per day on November 3, 2017. The average rate for all VLCC routes fell to $31,919 per day on November 3, 2017, from $32,582 per day on October 27, 2017. The current rates are 39% lower year-over-year. Euronav (EURN) and DHT Holdings (DHT) mainly operate VLCCs.

Suezmax rates

According to the Weber Weekly report, the Suezmax rates fell from recent highs because the market was slower. In the West African market, nine fixtures were recorded in the week ending November 3, 2017—44% lower week-over-week.

According to Weber’s week 44 report, the Suezmax rates on the route from West Africa to the United Kingdom fell from $16,929 per day on October 27, 2017, to $13,421 per day on November 3, 2017. The average rate for all Suezmax vessels fell to $17,784 per day on November 3 from $20,287 per day on October 27.

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

Aframax rates

The Aframax rates on the Caribbean route fell to $2,892 per day on November 3, 2017, from $7,794 per day on October 27—a 63% fall week-over-week. The average rate for all of the Aframax routes fell from $18,622 per day to $10,446 per day.

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