VLCC rates have jumped sharply again because of higher-than-expected volumes out of the Middle East before looming deeper Opec+ production cuts.
Rates were up 60% from the previous day on the Middle East to Korea route, to hit $52,100 per day, representing a week-on-week increase of 133%, with further rises expected today, according to Fearnley Securities.
It said a tight vessel list had left shipowners increasingly bullish following a strong start to the week, although lower volumes are likely next month.
