The recent jump in VLCC rates sparked by the Ukraine crisis and record bunker prices may still lack a firm basis in supply and demand, analysts believe.
The big tankers have been boosted by stronger sentiment arising from booming aframax and suezmax rates in the Black Sea and Mediterranean as uncertainty surrounds Russian oil exports.
But investment bank Fearnley Securities said it is evident that the Middle East Gulf vessel position lists still need “trimming” for the market to move from a “psychologically-driven rally” to a more long-lasting change.
