Charterers' target newbuilds, pressuring VLCC spot rates

VLCC spot rates sank Friday as charterers favoured newbuilding tonnage straight out of the yard in an effort to get discounts.

Howe Robinson's estimate of average rates for the sector fell 8.3% to just under $46,600 per day.

Formosa Petrochemical Corp (FPCC) is paying WS 60 at 2016 WorldScale rates for a trip from the Middle East to Taiwan on Maran Tankers Management's 319,000-dwt Sophia fresh off its delivery from Daewoo Shipbuilding and Marine Engineering (DSME), according to Tankers International.