Strong shipments out of the Middle East are driving further rises in VLCC rates with suggestions world scale 100 is within reach given the seasonal upturn in the market.
Rates for the tankers are at the highest level in two years, according to Morgan Stanley, with additional climbs expected to be assisted by Saudi Arabia.
Analyst Fotis Giannakoulis placed VLCC rates at $51,000 per day after raising by close to 30% last week.
