The rise in tanker freight rates has seen loaded speeds of VLCCs reach their highest levels for 20 months, the Signal Group says.

VLCC time charter equivalent rates hit $34,357 per day on Friday, according to the Baltic Exchange, down from September highs but still at levels not experienced since June 2020.

With strong demand for tonnage taking oil to China and India, the seven-day moving average in October reached nearly 12 knots (22 km/h) for loaded vessels, said Signal analyst Maria Bertzeletou.