Once laggards among crude tankers, VLCCs have seen rates rally in recent days, reaching parity with suezmaxes and aframaxes.
Clarksons’ fleet weighted average for the largest tankers hit $57,700 per day on Tuesday, up 28.3% over the past week and 8.1% from Monday.
“Brokers point to strong activity in the Atlantic region as the main factor driving freight rates higher, with this optimistic sentiment extending to the Eastern markets as well,” said analyst Frode Morkedal, who noted that rates were improving despite the Chinese New Year holiday.
“Despite the reduced activity in the East, the volume of last week’s fixing has reduced the available tonnage list, indicating that little activity is needed for the market to remain firm.”
The shipbroking giant assessed rates for a scrubber-fitted, eco-designed VLCC sailing from West Africa to China at $60,400 per day, up 10.7% from Monday and 38.4% over the past week.
Rates for a similar ship sailing from the US Gulf to China rose 1.5% from Monday and 10.2% week over week to $52,900 per day.
According to data from Tankers International, the market saw a flurry of fixtures on Tuesday and Wednesday last week.
The pool said the richest fixture on Tuesday was $62,236 per day for Frontline’s 299,985-dwt Front Tyne (built 2023) for a voyage from the US Gulf to Europe in March for Vitol.
The nine fixtures — most of which were between $30,000 per day and $48,000 per day — appeared to be enough to push up the market on Wednesday.
Then, Bahri’s 298,700-dwt Amad (built 2018) was able to secure $73,569 per day from SK Energy for a voyage loading at two ports in the US Gulf before sailing to South Korea in mid-March.
On Tuesday, the sole fixture was the Wirana Shipping Corp-operated 310,100-dwt Jaya (built 2008), which is earning $69,514 per day for a voyage from the Middle East Gulf to the east coast of India for loading on 26 February for the Indian Oil Corp.
There was strength in the suezmax market as well, with Clarksons’ fleet weighted average rising to $50,900 per day, up 7.6% from Monday and 5% from last week.
The aframax fleet weighted average gained 0.8% from Monday, ticking up to $45,600 per day, but was 6.7% lower than last week.
