VLCCs are continuing their upward trend despite declining US crude oil exports.
Clarksons’ fleet weighted average VLCC assessment came in at $40,700 per day on Wednesday, a 2.1% gain from Tuesday and 4.3% from last week, as ships headed to China from both the Middle East and West Africa saw jumps in rates.
The laggard was the US Gulf to China, where an eco-designed VLCC was estimated to be earning $38,300 per day, a 1% drop day-over-day and a 0.5% gain from a week ago.
“While Middle East Gulf exports have shown some improvement, US crude exports have recently been weak,” Clarksons said.
“According to [US Energy Information Administration] data, US crude exports in August were down 16% year-over-year, with further declines in early September.”
The Middle East exports helped rates surge 8.2% from last week, rising to $37,400 per day for an eco-designed vessel and to $40,600 per day for the same vessel with a scrubber.
West Africa to China remains the richest route, with eco-designed VLCCs there earning $42,100 per day and eco-designed, scrubber-fitted ships at $45,400 per day.
On Tuesday, Tankers International said Sinokor’s 300,000-dwt Gustavia S (built 2020) was fixed to Shangdong Port Group for a voyage from the Caribbean to China at $43,150 per day for loading in mid-October.
The pool also identified the Koch-chartered, Pan Ocean-linked 300,000-dwt Grand Bonanza (built 2021) as fixed to PTT at $34,996 per day for a voyage from the Middle East Gulf to Thailand.
That ship will load in early October.
VLCC rates, long trailing smaller asset classes, have started to pick up earlier this month as the fall refinery maintenance season winds down and charterers seek to secure cargoes.
According to tanker giant Frontline, the upturn typically starts on 9 September, but this year the upturn may have kicked in slightly earlier with rates picking up steam on 3 September, before levelling off slightly this week.
