Saudi Arabia’s national shipping arm Bahri has fixed at least 18 VLCCs on subjects as it pledged to pump more crude into the coronavirus-weakened market as its price war with Russia escalates.
The market raid caused a surge in charter rates for spot-trading VLCCs with levels rising from WS 70 to WS 105 in 10 hours, brokers said.
Charter rates for spot VLCCs were still rising on Wednesday as western markets fired up.
