Owners of VLCCs are looking at champagne cork-popping times again as tight supply is pushing rates towards WS 170-180 on Gulf-East routes and some brokers think they may even touch WS 200.
Rates for AG-East are approaching WS 160, compared with WS 125 West, back at levels not seen since before the war in Iraq began in March.
China is still booming, Japan's crude imports have remained high since nuclear power stations were shut down over safety fears and winter restocking is driving demand, but the main factor is tight supply, driven by a shortage of modern tonnage.
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