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VLCC Rates Moving into Seasonal Norms: Bloomberg Intelligence

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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.

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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.

Keep reading...Show less