Equinor has chartered a Maran Tankers Management-owned VLCC in a one-year deal amid a flurry of period chartering activity.
Brokers said the Norwegian energy company chartered the 319,400-dwt Maran Ares (built 2017) for $33,000 per day, which is higher than Oslo broker Fearnleys' $30,000-per-day assessment for a one-year VLCC charter.
Maran is a unit of Greece's Angelicoussis Shipping Group, which is now led by Maria Angelicoussis after the death of her father, John.
One broker said that ExxonMobil, which had the ship on a seven-year time charter, sublet the vessel to Equinor.
Neither Maran nor Equinor comments on commercial matters.
Several VLCCs have been fixed on period charters of at least 12 months in recent weeks, as rates for such deals appear to be bottoming out.
Tanker owners are able to secure rates that are significantly higher than the current depressed spot earnings, which remain far below break-even levels, brokers said.
China VLCC Co, part of state-backed China Merchants Energy Shipping, has also fixed out one of its more than 50 VLCCs.
Brokers reported that it chartered the 311,100-dwt New Honor (built 2019) to Total for two years at $31,500 per day.
China VLCC also has six newbuilding VLCCs and fixes out its VLCCs to various companies, among them Associated Maritime.
Meanwhile, US-based Koch Industries is playing an active role in the market and has secured two non-eco VLCCs at lower rates.
Koch fixed the 313,900-dwt C Challenger (built 2013) from SK Shipping for two years with an option for a third year, brokers reported.
The rate is reported to be $29,500 per day.
The Japanese-controlled 302,200-dwt Yakumosan (built 2008) is also said to have been chartered by Koch, for a year at $20,000 per day.
Market sources said charter activity in other crude tanker segments has been more limited.
NGM Energy is believed to have fixed its 158,000-dwt newbuilding Gloria Maris to Trafigura for three to six months at $22,000 per day.
The suezmax is due to be delivered from China’s New Times Shipbuilding next month.
With forecast rising exports from Opec+ and recovering oil demand, many analysts expect freight rates to improve from summer.
In its latest monthly report, Maritime Strategies International said spot earnings are bottoming out as period rates stabilise.
“We are now approaching a period where many demand indicators such as consumption and refinery throughput will start seeing major year-on-year growth, although they still remain below pre-Covid levels,” the consultancy said.
This story has been amended to reflect that the Maran Ares was sublet by ExxonMobil
