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Steady business pushes VLCC rates up.
(From Lloyds List)
Byline: Marcus Hand in Singapore
REASONABLY steady business for very large crude carriers forced rates upwards especially, on the Arabian Gulf to the Far East trade for larger modern ships.
Much of the activity centred around the Arabian Gulf for cargoes moving to Far East with rates heading northwards as a consequence.
Larger, modern double-hulled ships commanded a premium of 30 to 45 worldscale points, which brokers said was caused by a shortage of modern tonnage in the Arabian Gulf that could take 2m barrel cargoes.
The 1991-built Front Highness was reported chartered to ExxonMobil at W142.5 for 265,000 tonnes cargo to Singapore. By contrast, the 1986-built VL Chios was fixed to SK Corp for 230,000 tonnes cargo to South Korea at W95.75.
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