VLCC rates hit USD 300,000 per day

VLCC rates have climbed to USD 300,000 per day, the highest level in 15 years, analyst firm writes. The rates have increased massively over the past month, and the current situation is "not normal circumstances", according to the analysis.

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It has been 15 years since VLCC rates have been anywhere near the current level of USD 300,000 per day, according to Poten & Partners' weekly analysis of the tanker market, which describes the situation as "not normal circumstances".

Early last week, rates first climbed to over USD 100,000, and later there were reports of rates exceeding USD 120,000 per day. Now they have taken another massive jump, with daily rates being traded at all levels between USD 200,000 and USD 300,000, Poten & Partners writes.

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