Tanker rates continue to soar: "This time it looks more sustainable"

In the midst of the global coronavirus crisis and an oil price war between Russia and Saudi Arabia, tanker vessels emerge as the big winners. Rates continue to soar, and this time the recovery appears more sustainable, says analyst.

Photo: PR/Euronav

Rates for the biggest tanker vessels continue to skyrocket after an oil price war has erupted between Russia and Saudi Arabia.

Shipbroker Clarksons report that freight rates for the VLCC supertankers have increased to around USD 280,000 per day – up an unprecedented 728 percent compared to the same period last year.

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