Spot VLCC rates are surging on tight vessel supply even as the largest oil supply cut in history approaches coming into force in May.
While Opec, Russia and nine other producers will reduce output by 9.7m barrels per day (bpd) in May and June, preliminary fixtures showed Chinese charterers had to pay high charter rates to secure tonnage.
Tankers International data shows Day Harvest put Aeolos Management’s 298,500-dwt Syfnos (built 2006) on subjects for a voyage charter from the Middle East Gulf (MEG) to China at Worldscale 195, with a loading date between 7 and 8 May.
