VLCCs climbed further Thursday, besting a prior seven-year high on the benchmark trade from the Middle East to Asia.
Baltic Exchange data show the TD3 route to Japan at WorldScale (WS) 90, which represents a time-charter equivalent (TCE) rate of just over $112,000 per day. That’s a $2,150, or 2%, increase today alone.
The TD3 route has not seen levels that high since the market surge of 2008, which ended when the financial crisis struck in 2008.
The
