A record flow of crude cargoes from the Middle East to China bodes well for the VLCC market short term, Morgan Stanley says.
Strong fixing activity out of the region for the second successive week suggests “VLCC rates are ready to rise,” analyst Fotis Giannakoulis believes.
"VLCC rates that have been near their two-year lows for the last three weeks might be on the verge of a typical July rebound, allowing crude tanker stocks to recover part of their recent losses," he said.
