Enviable dilemma for VLCC owners: the choice between spot trading and floating storage

VLCC owners are facing an enviable dilemma: take advantage of surging spot earnings, or fix ships out on short charters in floating storage deals?

According to the Baltic Exchange, spot earnings of VLCCs on the Middle East Gulf-China trade rose another $28,150 to $194,297 per day on Thursday, continuing the rate rally that began on Monday.

Tanker International data showed the non-scrubber, 319,400-dwt Skopelos (built 2002) was chartered by ChemChina at Worldscale 180 for the trade on subjects, with a loading date between 29 and 31 March.