The return of 26 previously sanctioned Cosco VLCCs will chop $10,000 per day from spot rates.
This is according to calculations made by Clarksons Platou Securities, which said the reintroduction of the vessels at the end of January will reduce utilisation by 1.7%.
“This implies a reduction of $20,000 per day when VLCC earnings were $60,000 per day [close to 90% utilisation] but not more than $10,000 when rates were $35,000 on the day of announcement,” Clarksons Platou said.
