French broker BRS has crunched the numbers on strong suezmax rates from West Africa — and it’s not good news for owners.

The Paris shop believes today’s earnings of $72,000 per day for older non-scrubber tankers are “unsustainable”.

“Indeed, we believe that much of the recent froth on suezmax rates has come as VLCCs have stopped lifting European cargoes, which implies that there is less upside going forward,” it said.