VLCC spot rates erase July gains as Chevron fixture pulls Atlantic further downward

The VLCC spot market has erased the gains made in a brief mid-July spike, with rates moving south in the Middle East and Atlantic markets.

But despite the gloomy trajectory, VLCC spot rates are somewhat higher than last year at a time when it is common to have a seasonal slump.

Average time charter equivalent rates fell to just under $29,100 per day on the final day of July, down 19.9%