VLCC

A general further weakening of rates was seen across this sector. In the Middle East 280,000mt to US Gulf via the Cape/Cape routing is assessed another point down at WS19.5. Meanwhile, 270,000mt to China is now rated five points lower

Oil prices have tripled in nine months. Brent averaged just US$18/bbl last April, as demand collapsed and the market was swamped with crude. As the effects of the pandemic unfolded, the mood turned increasingly bearish. Ann-Louise Hittle, Head of Macro