VLCCs have resumed their upward trajectory, with more — potentially a lot more — to come.
After massive gains to close out last week, rates began climbing again: Jefferies pegged eco-designed VLCC earnings at $55,700 per day on Thursday.
Jefferies analyst Omar Nokta said: “We noted previously that this was a pivotal week for VLCCs with last week's jump in spot rates driven in part by cheaper Saudi Aramco pricing and increased Opec+ cargo flow, but also that the tight fixture window ahead of the Easter holidays likely played a role in bunching activity together.
