ShippingWatch

VLCC rates down by half in just 2 weeks

The booming tanker market in the first half of the year, especially for the major VLCCs, may have created outsize expectations for full-year 2015 earnings, according to Deutsche Bank.

Photo: Euronav

Not only has the peak been cut from the recent months' soaring tanker rates. Last week's spot rates for the major VLCC crude oil tankers reached an average of some USD 40,000 per day, which was the lowest level in five months.

Shipping analyst Amit Mehrotra of Deutsche Bank in New York notes in a comment that the VLCC rates have been virtually cut in half during the past two weeks, primarily as a result of sliding demand from Asian refineries:

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