Surging suezmax rates from the US Gulf Coast to Europe have hit an 11-month high, overtaking the revenues for larger VLCCs heading East, according to analysts.
Europe-bound suezmax rates from West Africa, the Middle East and the US have more than doubled over the past month, owing to winter demand, said Argus Media.
Time charter equivalent earnings for scrubber-fitted suezmaxes from Houston, Texas to Rotterdam have increased from a loss of about $1,500 a day on 27 September to $80,000 per day just a month later, it added.
