VLCC spot rates rose throughout the week even as charterers started to pull back from the market to stem the surge.
Connecticut tanker brokerage MJLF reported Friday that the spot rate from the Middle East to Japan stands at $39,900 per day, which marks an 85.6% increase from the $21,500 per day rate reported this time last week.
“There is no hint yet of a reduction in Opec crude exports, which should come as a welcome relief to owners,” MJLF analyst Court Smith said in a weekly report.
