An October surprise may be in place for VLCC owners, shipbrokers say, as increased loadings out of the US Gulf Coast and Caribbean may push rates up.
Average VLCC spot rates have improved modestly week-on-week, according to Howe Robinson Partners, raising to $13,000 per day compared to $10,000 per day.
While still well-below breakeven levels for owners, Howe Robinson sees the potential for more gains as "owners show much more confidence in the market than we have seen during the summer blues."
