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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FREIGHT
Time charter rates for VLCCs are finding a new equilibrium after peaking in mid-Feb, according to Bloomberg Intelligence.
- This followed a series of shocks created by ships diverting around the Cape of Good Hope, adding 10-12 days to a voyage.
- Crude tankers transits via the Suez Canal during the most recent seven days are down 52% compared to the same period in 2023 to 30 transits.
- Tankers hauling crude from Iran and Russia will likely be the major use of Suez.
- Favourable supply-demand dynamics were already supposed to provide a good backdrop for tankers into 2025.
- This may also increase demand for tonne-miles for US exports.
- VLCC rates have fallen around 5.2% since Jan. 1 and are up around 22% on the year, Bloomberg said.
Source: Bloomberg
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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