Bunker price drop emboldens charterers as VLCC rates weaken

VLCC rates continued to weaken on Wednesday as charterers took advantage of lower bunker prices.

Last week, marine gasoil and very low-sulphur fuel oil (VLSFO) surged past the $1,000-per-tonne mark for the first time ever.

The rising price of bunkers had forced shipowners to hold out for better rates.

Gasoil hit $1,302 in North America on 8 March, with VLSFO reaching $1,001 in Fujairah.