VLCC rates are rising which is better. But it is still not good.
London broker E A Gibson reports that November will see the largest number of VLCC liftings anyone can remember.
“Normally this would cause a much more dramatic rise in rates,” it said.
But increases were muted by an over-supply of ships.
A spike in VLCC rates is a welcome sign, but Braemar Seascope spells out an owner’s financial problems in more detail.
It says that the rise in bunker prices above $700 per tonne pushed owners into pressuring charterers to agree higher rate levels.
But
