Riyadh-based National Shipping Co of Saudi Arabia (NSCSA) has secured a firm rate for a 10-year-old VLCC for four years to Hanjin Shipping of South Korea. The 300,000-dwt Safaniyah (built 1997) is said to have obtained $48,750 per day, which equals total revenue of $70m for the charter period. Most of the 10 VLCCs in the NSCSA fleet trade in the spot market and in the past couple of weeks, at least two have been fixed at rates equalling some $50,000 per day.
The
