After spending the better part of the week rallying, VLCC rates fell back to earth to close out the week.
Clarksons’ fleet weighted average assessment came in at $37,700 per day on Friday, slipping more than 15% from Thursday and nearly 12% from last week after closing at $42,800 per day.
“Following the recent standoff between owners and charterers, charterers have regained the upper hand, leading to a decline in freight rates,” analyst Frode Morkedal wrote.
“According to brokers, charterers have taken back control of the market, and it remains uncertain how well owners can resist this shift and prevent further rate declines.”
Morkedal said the average earnings for eco-designed VLCCs came in at $39,700 per day.
That figure was $35,500 per day for the US Gulf to China route, $34,100 per day for the Middle East to China route and $38,500 per day for the West Africa to China route.
Thursday was a busy day in the market, according to data from Tankers International, with several high-profile owners navigating the market’s decline.
The pool listed nine fixtures on the day, with several in the $20,000 per day range, including $25,056 per day for the 301,000-dwt DHT Bauhinia (built 2007) for loading in early September for a voyage from the Middle East Gulf to Vietnam for NSRP.
Frontline also nabbed a fixture on the day, chartering the 299,440-dwt Front Duchess (built 2017) to PetroChina’s shipping arm Glasford Shipping at $22,326 per day.
The vessel will load in early September in the Middle East for a voyage to Singapore.
The richest fixture of the day was earned by Maran Tankers Management, which fixed its 319,400-dwt Maran Arete (built 2016) to Equinor at $60,685 per day.
The vessel will load in mid-September for a voyage from the US Gulf to South Korea.
It was also the week’s highest fixture, beating another DHT Holdings deal on Wednesday which saw it charter the 318,128-dwt DHT Sundarbans (built 2012) to ExxonMobil at $53,319 per day for loading in late September for a US Gulf to Singapore voyage.
