Better spot rates in the Middle East Gulf have drawn VLCCs away from the US Gulf Coast, reversing a recent trend of ships ballasting west.
The decline in available VLCCs comes even as the export outlook from the US Gulf looks strong. Brokers say rates will need to strengthen to bring more ships away from the Middle East.
The Baltic Exchange’s benchmark rate for VLCCs from the Middle East Gulf to Japan reached $28,800 per day this week.
