Talk of major traders Mercuria, Trafigura and Koch Industries moving to secure tonnage for storage has fuelled optimism that the fortunes of the beleaguered aframax, suezmax and VLCC markets could be about to turn.
The last contango boost to the tanker market came in 2008 and 2009, helping support it through the immediate aftermath of the global economic crisis.
DNB Markets earlier alluded to the prospect of contango once again contributing to another period of healthy rates when it said in a report: “The fact that we are about to enter the high season with VLCC rates at $38,000 a day, close to zero fleet growth coupled with open contango, could lead to VLCC rate spikes not seen over the past three...
