Once beleaguered, VLCCs are leading the crude tanker rate rally as attention turns to the Middle East and how conflict there could affect markets.
According to figures from Clarksons, the weighted average for the largest tankers shot up 11.6% on Monday to hit $49,200 per day, doubling over the past week and up nearly 137% over the last month.
“We anticipate that the crude and product tanker markets could continue to rise in the coming months,” said Clarksons analyst Frode Morkedal, who attributed the rally to increased chartering activity.
