VLCCs are once again “cannibalising” cargoes carried by smaller ships in the Atlantic Basin, due to flat longer-haul volumes.

French shipbroker BRS Group noted that last year, US crude exports to Asia remained relatively flat year-on-year at 1.3m barrels per day (bpd).

When viewed in the context of the surge in total US crude exports, this was seen as "disappointing", especially by VLCC owners, the Paris shop said.