Consultant: VLCC rates have resumed their climb

Tanker rates for very large crude carriers (VLCC; larger than 220,000 dwt) trading internationally fell precipitously at yearend 2004 to $35,000/day, after reaching record highs earlier in the year of more than $200,000/day (Fig. 1). An analysis by New York-based shipping consultant Poten & Partners, however, shows that movement as temporary. Vessel inventory in gulfIn a report released early last month, Poten noted that VLCC rates tend to increase when the number of ships on the spot market in the Persian Gulf plus those expected to arrive there within 30 days falls to fewer than 30 vessels. Click here to enlarge image"The exigency of matching a ship to a cargo clearly works against ch...

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