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US-China VLCC Rates Soar

OIL

Record US crude exports and rising global crude shipments to Asia have nearly doubled shipowner time charter equivalent (TCE) earnings for US-China VLCC shipments to $30,555/d in the last two weeks according to Argus freight rate assessments.

  • Rates on the US Gulf coast-Rotterdam VLCC route, an increasingly common trade to replace Russian crude lost to sanctions, have climbed by 26pc to $4.475mn, or $2.12/bl.
  • TCE earnings for non-scrubber fitted VLCCs on the Corpus Christi, US to Ningbo, China, route to $30,555/d compared with $16,312/d on 8 August.

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