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Booming VLCC at highest level since the financial crisis

Spot rates for the biggest tankers climbed to the highest level in seven years last week, reports Morgan Stanley. Chinese demand absorbed virtually all available tanker vessels in the Middle East.

Photo: Euronav

There must have been broad smiles at the headquarters of some of the biggest tanker vessel owners, such as DHT Holdings, Euronav and Frontline, last week when the VLCC spot rates reached the highest level since 2008, at more than USD 100,000 per day for a vessel, according to Morgan Stanley.

The significant increase is especially attributed to a strong Chinese demand for crude oil, which absorbed virtually all available ships in the Middle East, notes Morgan Stanley in the report.

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