It comes at a time when the tanker market has gone from “good” to “really good” and owners are recording healthy profit.
Doug Mavrinac, Jefferies shipping analyst, says VLCC and suezmax spot rates have strengthened even more than expected due to OPEC increasing production levels.
He explains the 31.5 million barrels per day average produced by OPEC in the second quarter is the highest figure seen in nearly three years.
