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Platou: VLCC rates increase explosively

VLCC rates will approach USD 41,000 a day, which puts them 140 percent higher than last month's rate level, says Platou.

Frontline has announced that the VLCC spot rates by the end of November for oil transports from the Middle East to Singapore will be around USD 41,000 per day, according to a brief from Platou. The towering price is 140 percent higher than last month's rate level and 50 percent higher than last week's level.

Analyst Frode Mørkedal points to a rising Chinese demand for oil from West Africa and the Middle East as the key factor pushing up the price. And the increasing oil volumes and a higher demand from the refineries, who have been through a period of planned maintenance, is adding to the pressure on the fleet of ultra large tankers.

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