The outlook for VLCCs took the biggest hit in the immediate wake of Opec’s decision last week to cut 1.2 million barrels of production.
VLCC-dependent exporters in the Middle East, such as Saudi Arabia and Iraq, account for the bulk of the pledged cuts.
In response, brokerages and equity analysts have trimmed 2017 VLCC rate forecasts. Tanker brokerage Charles R Weber cut its 2017 outlook by 5% to an average of $32,500 per day.
