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WAF VLCC Rates Hit 2-month Low amid Christmas Lull

FREIGHT

Freight rates for VLCC voyages loading in WAF have dropped to their lowest level since October, amid abundant supply in global hubs, lower export volumes, and a slowdown in activity around Christmas, Platts said.

  • Platts assessed freight on the 260k mt WAF-Far East route at w56 on Dec. 27, compared to its most recent high of w76 on Oct. 31.
  • Looking to 2024, the picture remains mixed, with macroeconomic variables making the market difficult to predict.
  • One source told Platts that the falling freight demand from slashed OPEC+ output should be offset by rising inquiry levels in Venezuela. The extent to which either can realise their ambitions will have an impact on freight rates.
  • Rates are likely to remain stable into early January, although there could be an overhang of supply, a source told Platts.
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