The VLCC market has carried over the momentum that started with Bahri Week.
Clarksons’ fleet weighted average for VLCCs jumped 8.4% from Friday to $39,600 per day on Monday.
The broker charted a jump of more than 10% on the Middle East to China route as it hit $37,400 per day.
Jefferies analyst Omar Nokta said the climb followed the opening of the December fixture window in the Middle East — a positive sign for activity in the sector, which had already begun to pick up.
“According to vessel tracking data, last week was the busiest for crude loadings out of both the Middle East and US Gulf markets since April; if the current pace of activity continues, it would lead to a more limited tanker supply balance and firmer spot rate potential,” he said.
Jefferies’ eco assessment was $43,600 per day and its eco-designed, scrubber-fitted reading was $45,700 per day.
Clarksons’ earnings for scrubber-fitted VLCCs came in at $39,500 per day and $44,700 per day for scrubber-fitted, eco-designed ships.
Clarksons Securities analyst Frode Morkedal said current rates are about $20,000 per day lower than the same period last year due to lower utilisation rates.
He also noted refinery throughput in China was 1m barrels per day lower in October than a year earlier because of heavy maintenance.
Last week, as shipowners and investors congregated in Dubai for Bahri Week, Fearnleys declared that rates had “turned the corner … albeit baby steps” after struggling during the typically strong fourth quarter.
The Norwegian broker said many of the deals had been reached on a private basis, with owners leaking deals to the market.
