The present increase in the VLCC rates was foreseen but unlike former increases it has occurred later than expected, Nova Tankers CEO, Morten Pilnov, says.
“We can only guess that it is caused by the many newbuildings entering the market this year. This has meant that we have seen many ships which were not under contract and which had to be removed before the market was able to increase. Finally, this has taken place and in November and December we will see more cargo. We had expected this increase but of course, we are disappointed that the increase has not taken place before”, Morten Pilnov tells ShippingWatch.