Tight suezmax markets in the Atlantic basin are a major contributing factor to the current strength in the VLCC market, says Braemar.

The shipbroker said weighted average earnings for a non-eco VLCC are above $12,000 per day — the best reading since the start of 2021. The upswing underway since early June has also lasted the longest since 2021.

Higher VLCC fixing activity in the Middle East is helping, according to Anoop Singh, Braemar’s head of tanker research.