14 Nov

Where Are Crude Tanker Rates Heading in Week 45?

WRITTEN BY Sue Goodridge

VLCC rates

According to Weber’s week 45 report, VLCC (very large crude carrier) rates were softer at the beginning of the week due to uncertainty around the Middle East supply-demand imbalance and expectations that the week’s demand would be muted amid the events in Dubai. As the week progressed, the demand exceeded the expectations.

Where Are Crude Tanker Rates Heading in Week 45?

In the Middle East market, 26 VLCC fixtures were recorded in the week ending November 10—one more than the previous week.

According to Weber’s week 45 report, VLCC rates for the route from the Arabian Gulf to China rose to $30,224 per day on November 10, 2017, from $29,876 per day on November 3, 2017. The average rate for all VLCC routes fell from $31,919 per day on November 3, 2017, to $30,711 per day on November 10, 2017. The current rates are 41% lower year-over-year. Euronav (EURN) and DHT Holdings (DHT) mainly operate VLCCs.

Suezmax rates

According to Weber’s weekly report, the demand in the West Africa Suezmax market for the week ending November 10 didn’t change from the previous week. The demand level wasn’t sufficient enough to counter the rising availability and the rates fell.

According to Weber’s week 45 report, the Suezmax rates on the route from West Africa to the United Kingdom fell to $9,501 per day on November 10, 2017, from $13,421 per day on November 3, 2017. The average rate for all Suezmax vessels fell from $17,784 per day on November 3 to $13,449 per day on November 10.

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 from $2,892 per day on November 3, 2017, to $6,515 per day on November 10. The average rate for all of the Aframax routes fell to $5,863 per day from $10,446 per day.

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