VLCC rates surge as shipowners 'firmly in control'

VLCC spot rates surged to the highest level since an October spike, as tanker owners held onto the driver's seat in a hot market.

A Maran Tankers Management ship fetched a rate of WorldScale 170 on a trip from the Middle East Gulf to Thailand, which marked a staggering surge from WS 105 on the same route earlier in the day.