See-sawing VLCC rates continued their extreme volatility on Thursday as tensions in the Middle East increased uncertainty in global oil markets.
Spot markets for the largest crude carriers rose from less than $5,000 per day 10 days ago to just below $40,000 per day on Tuesday, before falling back sharply, said shipbroker Braemar.
The Baltic Exchange’s VLCC time charter equivalent tracker, which generally trends below the rates of brokers, fell by more than $7,000 on Thursday to $13,898 per day.
