The VLCC market is well and truly in the summer doldrums.
A note from Fearnleys Securities published on Friday said the number of crude oil cargoes coming out of the Middle East Gulf was the lowest in almost two decades.
"We have now rolled into September dates, but high Saudi/Iraq [official selling prices] indicates low export numbers and is why we see Chinese majors picking up spot barrels in the Atlantic," the note read.
