Eli Maersk at sea.
Algerian state energy company Sonatrach has taken a VLCC controlled by AP Moller on time-charter for three years as it increases its crude exports in advance of its own newbuilding.

Brokers say Sonatrach shipping subsidiary Hyproc has fixed the 308,500-dwt Eli Maersk (built 2000) for a three year period at a daily rate of around $46,000.

Clarksons Shipping Intelligence Weekly puts three-year time-charter rates for modern VLCCs at just over $45,000 per day.

Eli Maersk
Hyproc began taking VLCCs on time-charter last year.