uploads///Spot Rates_Week

VLCC, Suezmax, and Aframax Rates Rose in Week 16

By

Apr. 25 2017, Updated 10:37 a.m. ET

Tanker rates

In the previous part of this series, we saw that the BDTI (Baltic Dirty Tanker Index) rose in week 16, which ended on April 21, 2017. In this part, we’ll take a look at crude oil (DBO) tanker rates. Let’s see which tankers performed the best and the worst in week 16.

Article continues below advertisement

VLCC

According to the Weber Weekly Report, the Middle East market rebounded in week 16. A total of 16 fixtures were reported—53% higher week-over-week. In week 16, India led with nine fixtures out of 16.

According to the same report, VLCC rates on the benchmark route rose from $32,439 per day on April 13, 2017, to $38,884 per day on April 21, 2017. The average rate for all VLCC routes rose from $32,526 per day to $39,977 per day for the same period—a 23% rise week-over-week. DHT Holdings (DHT) and Euronav (EURN) primarily operate VLCCs.

Suezmax rates

According to the Weber Weekly Report, Suezmax vessels in the West African market observed modest rate upside in week 16 as charterers remained active covering early May cargoes.

According to the same report, the Suezmax rate on the benchmark route rose to $10,523 per day on April 13, 2017, from $12,129 per day on April 21, 2017. The average rate for all Suezmax routes rose from $12,593 per day on April 13, 2017, to $13,741 per day.

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

Aframax rates

According to the Weber Weekly Tanker Report, Aframax rates on the Caribbean route rose from $5,500 per day on April 13, 2017, to $6,000 per day on April 21, 2017. The average rate for all Aframax routes rose to $12,439 per day from $11,425 per day for the same period.

Advertisement

More From Market Realist

  • Table Jack on 'Shark Tank'
    Miscellaneous
    ‘Shark Tank’ Sharks Thought Table Jack Was a Wobbly Business Prospect
  • Woman using a DrainWig in a shower
    Miscellaneous
    DrainWig Hasn’t Gone Down the Drain Since ‘Shark Tank’
  • Element Bars' Jonathan Miller on 'Shark Tank'
    Miscellaneous
    ‘Shark Tank’ Stars Said Element Bars’ Valuation Was 'Insane'
  • Roger Altman
    Miscellaneous
    How Evercore Chairman Roger Altman Made His Millions
  • CONNECT with Market Realist
  • Link to Facebook
  • Link to Twitter
  • Link to Instagram
  • Link to Email Subscribe
Market Realist Logo
Do Not Sell My Personal Information

© Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.