Greece’s Okeanis Eco Tankers has issued a very positive market update, with its VLCCs well ahead of current spot earnings.
The New York and Oslo-listed company said that for the fourth quarter of last year, it is expecting a daily time charter equivalent rate of $45,300.
For the VLCCs, earnings will be $45,200 per spot day, with suezmaxes on $45,500.
The latter figure includes 147 days of fixed time-charter revenue from two ships.
Spot earnings are estimated at $51,800.
However, so far in the first quarter, Okeanis has booked 61% of VLCC spot days at an average of $76,100, while suezmaxes are on $59,300 for 41% of spot days.
Clarksons Securities assesses eco VLCC spot rates at $54,900, plus $5,600 for scrubbers, up 11% over the past month.
Suezmaxes are earning $62,100, with a scrubber premium of $2,600, a rise of 24% from this point in December.
Earlier in January, US-listed VLCC owner DHT Holdings also provided a very positive update on its business so far in 2024, with spot rates up on the preceding three months.
The company said that for the fourth quarter of 2023, estimated TCE earnings came in at $42,800 per day.
The figure was $39,600 per day for the time-chartered ships and $43,600 for those operating in the spot market.
By 11 January, 50% of available VLCC spot days had been booked for the first quarter at a much higher average rate of $56,300 per day on a discharge-to-discharge basis.
DHT had fixed 61% of the combined charter and spot days at an average rate of $48,900 per day.
