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US oil sends VLCC rates skyrocketing

Record oil exports out of the US and strong Chinese demand have boosted rates for the largest tankers back up to profitable levels.

Photo: DHT

Major US oil exports and strong Chinese demand have sent tanker rates for Very Large Crude Carriers (VLCC) back up to profitable levels.

According to a comment from Morgan Stanley Monday, last week ended with daily rates in the Middle East of more than USD 27,000 per day, while this is still far from the level during the same period last year of USD 45,000 to USD 50,000.

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