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WAF-East VLCC Rates Hit Eight-Month High: Platts

FREIGHT

The WAF VLCC market has seen a major spike in rates since the start of Feb, linked to the clearing of the tonnage pool in the Atlantic, steady levels of under the surface fixing, and support from strengthening Persian Gulf and Brazilian markets, Platts said.

  • The 260k mt WAF-East route was assessed at $30.22/mt Feb. 16, an eight-month high and up $10/mt since the start of Feb.
  • Rates have also picked up in the WAF-UK/Continent VLCC market, a less active market than for WAF-Wast, with levels at their highest levels since October at $15.58/mt.
  • The more liquid WAF-UKC Suezmax route has seen a smaller rise, but this is expected to catch up in the coming weeks, with sources telling Platts that it is only a matter of time.
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