A frantic day of fixing has lifted spot VLCC rates even further as charterers drain the pool of quality vessels.
Nine big tankers were booked on Tuesday, as cargo owners sought to line up ships for early December dates.
Data from pool operator Tankers International shows Zodiac Maritime’s 320,000-dwt scrubber-fitted Red Nova (built 2013) booked on subjects from the US Gulf to northern Europe by Phillips 66.
The actual time charter equivalent (TCE) rate is assessed at $136,340 per day for 51 days, the pool company said.
Clarksons Securities assessed modern scrubber-fitted VLCCs at up to $120,000 per day on Wednesday.
Eco ships without exhaust cleaners were averaging $109,900, up 13% in a day.
The majority of the action yesterday came from the Middle East Gulf.
Clarksons brokers report quality tonnage as “scarce”, and charterers are willing to pay extra to secure ships.
UK shipbroker Howe Robinson said Tuesday had been a “bumper” day, with the Middle East market “leading the charge”.
Momentum is with owners
“Charterers have been reaching out to fix their early December stems in earnest, giving owners the impetus to push rates up on each fixture reported,” the London shop added.
This has in turn prompted a rate revival in the Atlantic, the company argues.
The broker is expecting outstanding December stems to be concluded soon.
According to Reuters, Indian refineries are increasingly wary of purchasing Russian oil beyond 5 December, when EU sanctions take effect, as they await clarity.
Similarly, Bloomberg reports that Chinese refineries are seeking government assistance in establishing payment channels, logistics, and insurance in order to continue importing Russian crude.
“Because of the uncertainty surrounding Russian oil, more activity is currently focused on other producers,” Clarksons Securities analysts Frode Morkedal and Even Kolsgaard said.
“Uncertainty persists, but oil tends to find its way if the price is attractive enough,” they added.
