VLCCs lose ground as charterers retreat.

(From Lloyds List)

Byline: Marcus Hand in Singapore

Tankers

VERY large crude carriers failed to sustain the momentum of the first half the week and now starting to fall back as charterers ease back out of the market.

As charterers completed much of their March programmes, the balance which had been in owners favour began to shift. Much of the week's fixing fell in the first half the week and the lack of activity in the later part of the week took its toll on rates.

Rates westbound from the Middle East Gulf were showing signs of falling back to W100 while eastbound single-hulled tonnage drifted to the W110 market.

As …