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How Crude Tanker Companies Fared in Week 48

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Part 2
How Crude Tanker Companies Fared in Week 48 PART 2 OF 5

VLCC Rates Fell on Sluggish Demand Last Week

VLCC rates

According to Weber’s week 48 report, VLCC (very large crude carrier) rates in the Atlantic Basin remained soft on sluggish demand. The rates on the Gulf to Japan route and the West Africa to Far East route also dropped in week 48.

VLCC Rates Fell on Sluggish Demand Last Week

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According to Weber’s week 48 report, VLCC rates for the route from the Arabian Gulf to China fell to $16,608 per day on December 1, 2017, from $24,683 per day on November 22, 2017. The average rate for all VLCC routes fell to $19,582 per day on December 1, 2017, from $26,421 per day on November 22, 2017. The current rates are 7% lower year-over-year. DHT Holdings (DHT) and Euronav (EURN) mainly operate VLCCs.

Suezmax rates

According to Weber’s weekly report, the West African Suezmax market was stronger last week on declining availability and anticipated forward demand. Ten fixtures were reported in week 48, less than the two fixtures in the previous week.

According to Weber’s week 48 report, the Suezmax rates on the route from West Africa to the United Kingdom rose from $8,003 per day on November 22, 2017, to $12,139 per day on December 1, 2017. The average rate for all Suezmax vessels rose to $15,587 per day on December 1 from $10,714 per day on November 22.

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 rose to $23,311 per day on December 1, 2017, from $16,515 per day on November 22. The average rate for all of the Aframax routes dropped to $13,268 per day from $14,680 per day.

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