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Morgan Stanley: VLCC rates at highest level since March

The fourth quarter is traditionally a good season for tanker carriers, but a surge in demand is currently keeping the vessels extra busy. A strong finish to the year for a segment which could face sliding rates following OPEC's announced cap deal.

Photo: DHT

The rates in the market for crude oil shipping defy the prospects of higher oil prices following the OPEC cap deal and have instead soared in the past two weeks, with the large VLCC supertankers on the Middle East to Asia trade in particular bagging the highest rates since March, reports Morgan Stanley.

The investment bank notes that the soaring rates in recent weeks come on the heels of sliding spot rates last week.

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