The reshuffled oil market has pushed some VLCCs into the Atlantic to find work, but with minimal impact, analysis from Vortexa shows.
Ioannis Papadimitriou, freight analyst at the energy and shipping analytics platform, said the largest oil tankers need Chinese demand to pick up following Covid-19 lockdowns to see higher rates.
“It seems that a rebound of crude demand from the raison d’etre of VLCCs — China — is a necessary condition for a potential freight rate recovery,” he said in a note.
