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Week 6: Crude Tanker Industry Update

PART:
1 2 3 4
Part 2
Week 6: Crude Tanker Industry Update PART 2 OF 4

Crude Tanker Rates Rise in Week 6

VLCC rates

According to Weber’s report, stronger demand in the Middle East market halted the fall in VLCC rates, which started in the second half of January. In the Middle East market, 35 VLCC fixtures were observed in week 6—a gain of 82% week-over-week. The number of fixtures was the highest in the last four weeks.

Crude Tanker Rates Rise in Week 6

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According to Weber’s week 6 report, VLCC rates for the route from the Arabian Gulf to China rose to $10,063 per day on February 9 from $8,274 per day on February 2—a 21.6% rise week-over-week. The average rate for all VLCC routes rose to $13,079 per day from $11,290 per day on February 2. The current rates are 65% lower year-over-year. Euronav (EURN) and DHT Holdings (DHT) mainly operate VLCCs.

Suezmax rates

According to Weber’s weekly report, Suezmax rates in the West African market were up slightly in week 6 as availability levels slipped. Suezmax rates on the route from West Africa to the United Kingdom rose from $908 per day on February 2 to $4,524 per day on February 9, 2018. The average Suezmax rates were up from $2,901 per day on February 2 to $5,484 per day on February 9, 2018.

Teekay Tankers (TNK) and Tsakos Energy Navigation (TNP) have Suezmax vessels in their fleets. Nordic American Tankers (NAT) only operates Suezmax vessels.

Aframax rates

According to Weber’s weekly report, Aframax rates on the Caribbean route rose from $2,387 per day on February 2 to $3,399 per day on February 9. The average Aframax rates dropped from $7,063 per day on February 2 to $6,177 per day on February 9, 2018.

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